BAKU, Azerbaijan, June 30. The South American trade bloc Mercosur has officially launched negotiations with Japan on an economic partnership agreement as it seeks to expand its global trade network following its recent agreement with the European Union.
If concluded, the agreement would establish a free trade area covering around 400 million people with a combined gross domestic product (GDP) of approximately $7 trillion.
Mercosur is also looking to strengthen its economic ties with China as part of broader efforts to diversify trade partnerships.
The bloc's move comes as countries around the world seek to reduce dependence on traditional markets following the introduction of broad tariffs by US President Donald Trump on imports from numerous trading partners.
Mercosur officials say expanding trade relations with key global economies is aimed at boosting investment, market access and long-term economic growth.
