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

President Lee Jae-myung, currently on an official visit to the United States and three South American countries, stated on the 25th (local time) that the relationship between Korea and South America is "entering a new phase." He announced plans to resume negotiations for a trade agreement with Mercosur (the Southern 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 chain disruptions grow, and concerns over energy security increase, countries need trustworthy partners and trade 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 evaluated that "Mercosur member states are global leaders in agriculture, food production, energy, and critical minerals, while Korea is a global leader in advanced manufacturing, digital technology, shipbuilding, batteries, and innovation." He added, "By combining these strengths, we can build resilient value chains that benefit both regions."

However, President Lee emphasized that the relationship between Korea and South America should not remain merely at the stage of exchanging goods. He explained, "I believe our relationship is now entering a new phase," adding, "Future cooperation between Korea and South America should not be limited to exchanging natural resources for manufactured products, but should focus on creating value together through innovation, investment, technology, and talent."

Regarding this, President Lee identified the modernization of the economic cooperation structure with South America, such as modernizing the Korea-Chile Free Trade Agreement (FTA) signed and enacted in 2004, as a key agenda. He stated, "Now, more than 20 years later, we have an opportunity to modernize this agreement to reflect new areas such as digital trade, environmental cooperation, labor standards, gender equality, and innovation."

In conclusion, President Lee stressed, "Our goal is clear—to build a relationship between Korea and South America that is deeply rooted not only in a successful economic partnership, but also in social exchange and cooperation for future generations."

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