President Lee Completes Tour of Three South American Countries...Departs for Germany

Visits to Brazil, Chile, and Argentina
Seeking Key Mineral Supply Chains and Market Diversification
Discussed Crude Oil Imports for Next Year with Milei
Returning Home on the 3rd after Meeting with Korean Community in Germany

President Lee Jae-myung completed his tour of three South American countries—Brazil, Chile, and Argentina—and headed to Germany.

President Lee Jae-myung and First Lady Kim Hye-kyung, having concluded their visit to Argentina, are moving to Air Force One headed to their next destination, Germany, at Ezeiza International Airport in Buenos Aires on August 1 (local time). 2026.8.2 Yonhap News Agency.

On the afternoon of August 1 (local time), President Lee and First Lady Kim Hye-kyung departed Buenos Aires, Argentina, aboard Air Force One, the presidential plane, bound for Frankfurt, Germany. President Lee is scheduled to hold a meeting with the Korean community in Frankfurt before returning to Korea, and is expected to arrive at Seoul Airport in Seongnam on August 3.

President Lee began his trip on July 24 in San Francisco, United States, and then visited Brazil, Chile, and Argentina in succession. During his tour of South America, he focused diplomatic efforts on securing supply chains for key minerals such as lithium, copper, and rare earth elements, as well as diversifying energy import sources including crude oil.

In Brazil, the first destination, he held a summit meeting with President Luiz Inácio Lula da Silva and adopted a joint statement outlining directions for the advancement of bilateral relations. The two countries agreed to expand cooperation in supply chains for key minerals including rare earth elements, energy, defense industry, and space, and to work together on resuming negotiations for a South Korea-MERCOSUR (Southern Common Market) trade agreement.

In Chile, the first country to sign a Free Trade Agreement (FTA) with Korea, President Lee met with President Jose Antonio Kast and agreed to modernize the Korea-Chile FTA, which came into effect in 2004. As Chile is a global producer of copper and a major lithium resource nation, both countries aim to strengthen cooperation across the mineral supply chain, from exploration and refining to material production.

In Argentina, the final stop, President Lee held a summit with President Javier Milei and discussed cooperation in resources and energy, including crude oil and lithium. This year, Korean companies conducted a pilot purchase of 880,000 barrels of crude oil from Argentina. Both governments agreed to work together to ensure stable crude oil imports starting next year, based on this trial. By expanding supply routes for crude oil, previously concentrated in the Middle East, to South America, Korea aims to enhance its ability to respond to geopolitical risks.

Furthermore, the two countries agreed to pursue investment and joint projects throughout the lithium value chain, and to broaden cooperation into copper, natural gas, and nuclear energy sectors. Negotiations to prevent double taxation were also finalized, and both sides decided to swiftly resume the previously suspended South Korea-MERCOSUR trade agreement talks.

After the Korean community meeting in Germany, President Lee will conclude his 11-day trip to the United States and South America.

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