South Korea, Vietnam Strengthen Trade Ties to Counter US Tariffs
South Korea and Vietnam are bolstering trade ties and exploring new markets to counter US tariffs. Meanwhile, Brazil and India are strengthening economic relations to offset higher US tariffs. South African President Cyril Ramaphosa is set to scale up trade missions and develop a National Export Development Programme.
South Korean President Lee Jae Myung will host Vietnamese leader Lam Ta on 11 August for a summit. They plan to sign ten memorandums of understanding on cooperation initiatives. This comes as both nations face higher tariffs, with Vietnam at 20% and South Korea at 15%. The summit aims to mitigate the impact of US tariffs on their export-dependent economies.
South Korean businesses are being considered as potential investors in major infrastructure projects in Vietnam. These include nuclear energy, liquefied natural gas plants, and high-speed rail. This could further strengthen trade ties between the two nations.
In other developments, Brazilian President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi discussed expanding the India-Mercosur trade agreement through virtual payment platforms. Both nations aim to deepen economic ties to offset higher US tariffs, with a goal of increasing bilateral trade to $20 billion by 2030.
South African President Cyril Ramaphosa plans to scale up trade missions to new markets. He also aims to develop a National Export Development Programme to grow the pool of export-ready companies. This move is part of South Africa's efforts to boost its trade and economic growth.
As the US continues to impose tariffs, nations are exploring new trade partnerships and initiatives to mitigate the impact. South Korea and Vietnam are strengthening ties, while Brazil and India are deepening economic relations. South Africa is also looking to expand its trade reach. These efforts highlight the global response to trade challenges and the importance of diversification.
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