Seoul: Trade Minister Yeo Han-koo is set to convene with top diplomats from 18 Latin American nations on Wednesday, aiming to bolster trade and economic ties between South Korea and Latin America amidst the growing global trend of trade protectionism, as announced by Yeo's office.

According to Yonhap News Agency, the meeting will take place in Seoul and will include ambassadors from major Latin American countries such as Mexico, Brazil, Argentina, Chile, and Peru, as confirmed by the Ministry of Trade, Industry and Energy. This gathering aims to explore avenues for enhanced cooperation on supply chains, with South Korea's advanced industries in electric vehicles, batteries, and semiconductors requiring critical minerals that Latin America is rich in.

The ministry highlights Chile's position as the world leader in copper reserves and its second-largest lithium reserve, while Argentina ranks fourth globally in lithium reserves. Yeo plans to advocate for the expansion of the trade network between Korea and Latin America to counter increasing trade protectionism and geopolitical challenges, underscoring Latin America's importance as a strategic region within the Global South.

Currently, South Korea has an existing free trade agreement (FTA) with five Central American countries, including Panama and Costa Rica, and separate bilateral FTAs with three South American nations: Chile, Peru, and Colombia. In addition, on Tuesday, Seoul formalized a strategic economic cooperation agreement with Ecuador to deepen bilateral economic relations.

The ministry also noted that Yeo will seek backing from Latin American countries for South Korea's bid to host the Asia-Pacific Economic Cooperation (APEC) summit, scheduled to take place next month in the southeastern city of Gyeongju.