President Lee: "Korea-South America Relations Enter a New Phase"...Promoting Trade Agreement Talks and Critical Mineral Cooperation

During his visit to three countries in the United States and South America, President Lee Jae-myung stated on July 25 (local time) that the relationship between Korea and South America "is entering a new phase." He announced plans to resume free trade agreement negotiations with Mercosur (the South American Common Market) and to strengthen cooperation on critical minerals.

In a written interview with Spain’s EFE news agency released that day, President Lee said, "As protectionism spreads, geopolitical tensions rise, supply chains are disrupted, and concerns over energy security grow, it becomes increasingly important for countries to have reliable partners and for trade to be based on clear rules and mutual trust."

President Lee Jae-myung announced the 'San Francisco AI Declaration' at the 'San Francisco AI Summit' held at The Midway in San Francisco, USA, on the 24th (local time). July 25, 2026 Yonhap News Agency

President Lee assessed that "Mercosur member nations are global leaders in agriculture, food production, energy, and critical minerals, while Korea is a global frontrunner in advanced manufacturing, digital technologies, shipbuilding, batteries, and innovation." He added, "By combining these strengths, we can build a resilient value chain that benefits both regions."

However, President Lee emphasized that the Korea-South America relationship should not remain at the level of simple trade exchanges. He stated, "I believe our relationship is now entering a new phase." He explained, "Future cooperation between Korea and South America should not simply be defined as exchanging natural resources for manufactured products. Instead, we must create value together through innovation, investment, technology, and talent."

Regarding this, President Lee identified the modernization of the economic cooperation structure with South America—including the updating of the Korea-Chile Free Trade Agreement (FTA) signed and implemented in 2004—as a key task. He said, "More than 20 years later, we now have the opportunity to modernize this agreement by reflecting new areas such as digital trade, environmental cooperation, labor standards, gender equality, and innovation."

In conclusion, President Lee stressed, "Our objective is clear: it is to establish a relationship that is deeply rooted not only in successful economic ties between Korea and South America, but also in strong social exchanges and cooperation for future generations."

This content was produced with the assistance of AI translation services.