Ulaanbaatar: South Korean President Lee Jae Myung and Mongolian President Ukhnaa Khurelsukh have pledged to enhance cooperation in critical minerals, trade, and advanced technologies during a summit held in the Mongolian capital. This meeting marks the first state visit by a South Korean president to Mongolia in 15 years and sets the stage for a new chapter in bilateral relations.

According to Yonhap News Agency, the leaders declared a shared vision for cooperation across various fields, emphasizing the start of a "golden age" in South Korea-Mongolia relations. President Lee highlighted the importance of this joint declaration, which builds on over three decades of friendship and trust between the two nations.

The summit resulted in an agreement in principle on a Comprehensive Economic Partnership Agreement. This framework aims to expand economic cooperation, notably in the trade and supply chains involving critical minerals, with a goal of achieving US$1 billion in annual bilateral trade by 2030. Furthermore, the countries plan to collaborate on artificial intelligence, digital transformation, and cutting-edge science and technology.

In addition to economic cooperation, the leaders agreed to strengthen political and diplomatic ties, enhancing their strategic partnership through high-level exchanges and strategic communication. They also committed to maintaining cooperation on regional and international issues.

To foster cultural and people-to-people exchanges, the two nations will promote collaboration in tourism, education, employment, and culture, along with strengthening consular cooperation. President Lee shared South Korea's vision for peace and cooperation on the Korean Peninsula, which received strong support from President Khurelsukh.

President Lee is set to attend Mongolia's largest national festival, Naadam, hoping it will serve as an opportunity to bring the people of Korea and Mongolia closer together.