Brasilia: South Korean President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva have agreed to enhance strategic partnerships between their countries and to resume negotiations for a free trade agreement between South Korea and the South American trade bloc Mercosur. This information was disclosed by presidential spokesperson Kang Yu-jung on Tuesday following their meeting in Brasilia.
According to Yonhap News Agency, the bilateral summit was the second meeting between the two leaders this year, following their initial meeting in Seoul in February. During their discussions, Lee and Lula adopted a joint statement emphasizing the need for strengthened cooperation as strategic partners, linking South America and Asia to address complex international challenges. They had previously agreed to elevate their relationship to a strategic partnership earlier this year.
A significant focus of the meeting was the potential resumption of negotiations for a trade pact between South Korea and Mercosur, of which Brazil is a key member. The leaders agreed to establish a joint working group tasked with declaring the resumption of these negotiations at the forthcoming Mercosur summit in December. Talks originally began in 2018 but have been stalled since late 2021.
Mercosur, one of the world's largest trade blocs, includes member countries such as Argentina, Paraguay, Uruguay, and Bolivia, along with several associate members. Lee's visit to Brazil is part of a broader three-nation South America tour, which will also take him to Argentina and Chile. The visit underscores Seoul's strategy to diversify its trade portfolio in response to shifts in the global trade environment.
Furthermore, the leaders agreed to enhance mutually beneficial cooperation across the critical minerals supply chain by leveraging Brazil's rich mineral resources alongside South Korea's advanced industrial and technological capabilities. At the meeting's outset, Lee highlighted Brazil as a primary destination for South Korean corporate investment and sought Lula's support for stable and expanded business ventures in Brazil.
Lula, in response, praised the contributions of South Korean firms to Brazil's economy and industry and pledged active support to ensure their investments and business activities remain stable. In a joint press announcement, Lula extended an invitation to Lee to revisit Brazil in September for the joint launch of a space vehicle at the Alcantara Space Center, to which Lee expressed his intention to attend, either in person or virtually.
The summit concluded with a music performance and a reception hosted by the Brazilian first couple at the Itamaraty Palace. Attendees included executives from more than ten South Korean companies operating in Brazil, such as POSCO, Korean Air Co., Samsung Electronics Co., and Amorepacific Corp. During the reception, Lee assured South Korean business leaders of his commitment to supporting their expansion into new markets through economic diplomacy.
In the guest book, Lee wrote a message of hope for an enduring friendship and shared prosperity between South Korea and Brazil. On this occasion, the two countries signed seven memorandums of understanding (MOUs) to strengthen cooperation in aerospace, supply chains, and cultural sectors. One MOU aims to streamline regulations for South Korean firms using Brazilian launch facilities and to pursue cooperation in lunar exploration and satellite data sharing.
Under these MOUs, the South Korean government will also bolster supply chain cooperation and expand exchanges in education, sports, and the film industry.