South Korea will hold the sixth round of free trade talks with a group of South American countries, known as Mercosur, after a hiatus of 16 months amid the COVID-19 pandemic.

According to the Ministry of Trade, Industry and Energy, South Korea and Mercosur will hold virtual FTA talks for four days from Tuesday to set details on the pending trade agreement. 

The South American trade bloc comprises Brazil, Argentina, Paraguay and Uruguay, accounting for 70 percent of the regional population.

The two sides have held five rounds of official FTA talks since the start of negotiations in 2018. The previous meeting was held in Uruguay in February 2020. 

The planned talks will reportedly discuss commodity, trade remedies, place of origin, intellectual property rights and dispute settlement. 

A ministry official said that the FTA with Mercosur will help the two parties expand trade and investment, and bolster economic ties.