Seoul: President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva have agreed to elevate bilateral ties to a strategic partnership during their summit on Monday, aiming to expand cooperation in various sectors, including the economy, space, and the defense industry.
According to Yonhap News Agency, the two leaders adopted a four-year action plan to enhance cooperation in politics, the economy, and people-to-people exchanges. President Lee emphasized the need to resume negotiations for a trade agreement between South Korea and Mercosur, which includes Argentina, Paraguay, Uruguay, and Bolivia. The trade pact is seen as an urgent task for both nations, with South Korea having initiated free trade talks with the bloc in 2018 but facing challenges in progressing on key market opening issues.
To support practical cooperation, South Korea and Brazil signed 10 memorandums of understanding, covering trade, investment, agriculture, and health care, among other areas. The agreements include launching a high-level economic and trade committee to facilitate cooperation in trade, energy, and artificial intelligence. Additionally, both countries' finance ministries have agreed to establish a vice-ministerial economic and financial dialogue for macroeconomic policy coordination.
President Lee expressed hope that these agreements will create a framework for collaboration in industries such as health care and agriculture, while also expanding partnerships in future sectors like space and aerospace. He highlighted the potential for cooperation in space, following South Korea's attempted launch of its first commercial orbital rocket, Hanbit-Nano, at Brazil's Alcantara Space Center.
In the defense industry, Lee pointed to ongoing supply chain cooperation, with Korean parts companies participating in the production of Brazil's Embraer C-390 military transport aircraft. He hopes to extend this partnership to the development of next-generation commercial aircraft.
President Lula highlighted Brazil's natural resources and expressed interest in attracting Korean investment in critical minerals. He also called for collaboration in industrial sectors such as semiconductors, aerospace, and the defense industry, and urged South Korea's participation in a global fund for tropical rainforest preservation launched by Brazil last year.
The leaders also discussed international and regional issues, with President Lee explaining Seoul's efforts to resume dialogue with North Korea and promote peace on the Korean Peninsula. They agreed that peace in the region has broader implications for global stability.
The meeting also reinforced the personal rapport between the two leaders, who have previously met at international summits. President Lee noted their shared experiences as former child laborers and expressed admiration for President Lula, referring to him as an "eternal comrade."
Lee warmly welcomed Lula's state visit to South Korea, the first in 21 years, with a traditional ceremony at Cheong Wa Dae. The visit will conclude with a state dinner and a private event where Lula is set to recite a poem by Brazilian poet Carlos Drummond de Andrade.