Seoul: South Korean President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva agreed to elevate bilateral ties during their summit Monday and expand bilateral cooperation in the economy, space, the defense industry, critical minerals and other areas.
According to Qatar News Agency, during the summit, the two leaders agreed to elevate the bilateral relations to a strategic partnership and adopted a four-year action plan to boost politics, the economy, practical cooperation and people-to-people exchanges. President Lee Jae Myung shared that both leaders reached a consensus on expanding mutually beneficial economic cooperation.
President Lee emphasized the urgency of resuming negotiations for a trade agreement between South Korea and the Southern Common Market (Mercosur), which includes Argentina, Paraguay, Uruguay, and Bolivia. President Lula shared the view that the trade pact is an urgent task. South Korea initiated free trade talks with the South American trade bloc in 2018, but progress on key market opening issues has been limited.
To enhance practical cooperation, the two nations signed 10 memoranda of understanding covering trade and investment, science and technology, agriculture, health care, small and medium-sized enterprises, food, and security. As part of these agreements, the foreign and industry ministries of both nations agreed to establish a high-level economic and trade committee to explore cooperation in trade and investment, agriculture, energy, and artificial intelligence.
The finance ministries of both countries also agreed to set up a vice-ministerial economic and financial dialogue to coordinate macroeconomic policy and cooperation at the multilateral level. President Lee expressed hope that these agreements will lay the groundwork for cooperation in industry, health care, and agriculture, while expanding collaboration in future industries such as space, the defense industry, and aerospace.
President Lee highlighted space as a promising sector for cooperation, referencing South Korea's first commercial orbital rocket, the Hanbit-Nano, which attempted its first launch at the Alcantara Space Center in northeastern Brazil in December. He expressed optimism for success in future endeavors and stressed the need to deepen defense industry cooperation. In 2023, South Korea selected Embraer's C-390 military transport aircraft, with Korean parts makers participating in the program.
During the talks, President Lula pointed to Brazil's abundant natural resources and expressed hope for attracting Korean investment in critical minerals, as well as expanding industrial cooperation in semiconductors, aerospace, and the defense industry. He also mentioned the need for discussions on the green industry and energy transition, urging South Korea's participation in a global fund to preserve tropical rainforests that Brazil initiated last year.
Additionally, the two leaders discussed international and regional issues. President Lee explained Seoul's efforts to resume dialogue with North Korea and promote peace on the Korean Peninsula.