Korea and Chile Resume FTA Committee After 10 Years... Strengthening Critical Mineral Supply Chains

Korea-Chile Leaders Hold Joint Press Conference
Mineral Resources Body Elevated to Ministerial Level, New Director-General Working Channel Established
Full-Cycle Cooperation on Lithium and Copper
MOUs Signed on Public Security, Maritime, Polar Research, and Investment

President Lee Jae-myung and President Jose Antonio Kast of Chile have agreed to resume the Korea-Chile Free Trade Agreement (FTA) Joint Committee after 10 years and to advance bilateral trade relations, including FTA improvements. Both countries will elevate their mineral resources consultative body to the ministerial level and establish a new director-general-level working channel to enhance the stability of Korea’s annual mineral imports from Chile, worth USD 2.1 billion.

Yonhap News

During his official visit to Chile, President Lee held a summit with President Kast on the 30th (local time) at the Santiago Presidential Palace. In a joint press conference following the meeting, Lee stated, “We reaffirmed our shared commitment to further strengthen bilateral relations and discussed concrete measures for cooperation.” This is the first visit by a Korean president to Chile in 11 years.

The two leaders first agreed to restart the Korea-Chile FTA Joint Committee after a decade. Through the committee, they will review trade and investment issues and discuss methods to enhance economic relations, including mutually beneficial improvements to the FTA. The Korea-Chile FTA, which went into effect in 2004, was Korea's first free trade agreement.

President Lee remarked, “Since the signing of the FTA, bilateral trade volume has quadrupled in 20 years, proving the strategic decision was the right one.” The leaders also discussed cooperation within key economic partnerships, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Pacific Alliance (PA), and the Digital Economy Partnership Agreement (DEPA).

During the summit, the two countries also signed a ‘Mineral Resources Partnership Memorandum of Understanding (MOU).’ They agreed to upgrade the existing joint committee to the ministerial level and hold regular meetings, as well as establish a separate director-general-level working channel. Both sides will pursue full-cycle cooperation and technology exchange for the development, production, processing, and utilization of key minerals such as lithium and copper, along with exchanges of human resources.

President Lee said, “As Chile is the world’s top copper producer and a country rich in lithium reserves, and Korea is a leader in advanced industries such as semiconductors and batteries, the two countries are naturally and ideally positioned to be key partners in critical mineral supply chains.” He outlined a vision to link Chile’s resources with Korea’s manufacturing capacities, strengthening supply chain cooperation from securing raw materials to producing high-end products.

Beyond minerals, the two countries signed a total of five MOUs on issues including public security, polar research, maritime safety and security, and investment. The MOU on public security cooperation details information exchange and joint operations to protect overseas nationals and respond to transnational crime, the apprehension and extradition of fugitives, and the transfer of the Korean security system. By connecting police authorities, both countries plan to expand global security cooperation, including in Latin America.

President Lee Jae-myung and Chilean President José Antonio Kast are speaking at a joint press conference at the Presidential Palace in Santiago on the 30th (local time). July 31, 2026. Photo by Yonhap News Agency

The MOU on maritime safety and security cooperation covers maritime law enforcement against transnational crimes and illegal fishing, cooperation on Vessel Traffic Service (VTS) systems, and the establishment of shared information frameworks. The two countries agreed to enhance their maritime monitoring and law enforcement capacities in the Pacific region and to expand crime-fighting networks connecting Korea and Latin America.

Cooperation on polar research will also be strengthened. Research institutions from both countries revised their existing MOU on polar research cooperation—first signed in 2012 and amended in 2018—to expand collaboration to eco-friendly base operations, environmental and ecosystem issues, and Antarctic governance. Punta Arenas in southern Chile serves as a key gateway for Korean researchers accessing King Sejong Station in Antarctica and for supplying the base. President Lee expressed gratitude for Chile’s long-standing support for Korean Antarctic activities and requested ongoing cooperation for the safety of Korean researchers.

Korea Trade-Investment Promotion Agency (KOTRA) and InvestChile signed an MOU on investment cooperation. The two agencies will promote two-way investment, exchange investment information, and jointly organize events such as delegations, seminars, and business meetings to create new opportunities for companies in both countries.

Chile’s largest national infrastructure project, the Chacao Bridge, was also discussed at the summit. The bridge, currently under construction by a Korean company, will connect the Chilean mainland to Chiloe Island and is South America’s first four-lane suspension bridge. The two leaders agreed to government-level support to ensure smooth completion and make the project a landmark of bilateral infrastructure cooperation.

The leaders concurred on the need to establish institutional frameworks to support defense and shipbuilding cooperation and agreed to carry forward follow-up discussions. Both countries will also expand cooperation in science and technology, astronomical research, and in cultural and people-to-people exchanges across K-pop, K-dramas, K-food, and K-beauty.

President Kast expressed his support for the Korean government’s efforts to resolve the North Korean nuclear issue and achieve lasting peace on the Korean Peninsula. The two countries also agreed to cooperate in the joint hosting of the 4th United Nations Ocean Conference in 2028 and ensure the successful 2032 Asia-Pacific Economic Cooperation (APEC) Summit in Chile. President Lee said, “I asked President Kast for Chile’s unwavering support in resolving the North Korean nuclear issue and establishing peace on the Korean Peninsula, and President Kast expressed his commitment to working together for peace and stability on the Peninsula.”

President Lee concluded, “I hope Korea and Chile, as ‘amigos’ (Spanish for ‘friends’), will join hands to open a brighter future together,” adding the local greeting “Muchas Gracias” (Spanish for “Thank you very much”) in his closing remarks.

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