This study explores the free trade negotiations of the Southern Common Market (MERCOSUR) that comprises Brazil, Argentina, Paraguay, and Uruguay as an attempt to find implications for a future Korea-MERCOSUR Free Trade Agreement (FTA) negotiation. Beyond the South American region, MERCOSUR has successfully launched Preferential Trade Agreements with India and South African Customs Union (SACU) as their pre-FTA arrangements, and negotiated an FTA with European Union (EU) and the Free Trade Area of the Americas (FTAA) although these two have stalemated for the last couple of years. This study covers the four cases of negotiation experiences in their background, economic relations, negotiation modality, issues, and prospects. (The rest is omitted.)