South Korean President Lee Jae Myung and Brazilian President Luiz Inácio Lula da Silva have agreed to deepen their strategic partnership and work towards restarting negotiations on a South Korea–Mercosur free trade agreement.
During talks in Brasília, the leaders adopted a joint statement supporting closer cooperation on trade, investment, critical minerals and aerospace. They also agreed to establish a joint working group to prepare for the resumption of trade negotiations ahead of the Mercosur summit in December.
Key developments:
- South Korea and Brazil will expand cooperation across the critical minerals supply chain.
- Seven memorandums of understanding were signed covering aerospace, supply chains, education, culture and sport.
- Brazil reaffirmed support for South Korean investment, while Seoul pledged continued backing for businesses expanding in Latin America.
President Lee is continuing his South American tour with visits to Argentina and Chile as Seoul seeks to diversify trade partnerships.
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