South Korea and Brazil agree to expand cooperation in key minerals, trade
By Kyu-seok Shim and Joyce Lee
SEOUL, Feb 23 (Reuters) – South Korean President Lee Jae Myung held summit talks with Brazilian President Luiz Inácio Lula da Silva in Seoul on Monday, where they agreed to expand cooperation in sectors such as trade, basic minerals, technology and culture.
Lee said the leaders plan to elevate the bilateral relationship to a strategic partnership and for the countries to work together to promote stability on the Korean Peninsula.
“Peace built on conditions where conflict is not necessary is the strongest form of security,” the South Korean president said at a joint press conference.
The leaders oversaw the signing of 10 memorandums of understanding covering trade and industrial policy, essential minerals, artificial intelligence, agriculture, digital economy including healthcare and biotechnology, small business exchanges, and joint policing against cybercrime, narcotics and other transnational threats.
In his earlier statements, Lee said they agreed on a four-year action plan to map concrete steps to expand bilateral cooperation from strategic minerals to defense and space industries as well as food security.
Brazil is South Korea’s largest trading partner in South America, making economic cooperation an important part of the agenda.
Lula said Brazil has the world’s second-largest rare earth reserves and significant nickel deposits, and his government hopes to attract investment from South Korean companies.
The summit comes at a time when global trade flows face increasing uncertainty as confusion over US tariffs grows.
The leaders also agreed that negotiations should be restarted to sign a trade agreement between South Korea and the Mercosur trade bloc, according to the action plan released by Lee’s office. Negotiations began in 2018 but were suspended due to disputes over the protection of agricultural and industrial products.
BOSSA NOVA AND BBQ
Lula called for discussions on green industries and energy transition and invited South Korea to join Brazil’s Amazon Fund, a financing mechanism for rainforest conservation.
In a message he sent to X earlier in the day, Lee greeted Lula, who was in Seoul for his first official visit in 21 years, and pointed out the similarities in their backgrounds.
“As a former child worker, you have proven throughout your life that democracy is the most powerful tool for social and economic progress,” Lee wrote.
“I support your life, your struggle and your achievements, which will remain forever in the history of global democracy.”
The leaders, who first met at last year’s G7 summit in Canada and later at the G20 summit in South Africa, appear to have bonded over shared childhood experiences of factory work and workplace injuries.
The talks took place at South Korea’s presidential Blue House, the first large-scale official welcome ceremony held since Lee moved his office back into the building.
Lee’s office said a state banquet is planned for Monday evening, where barbecue dinners will be served and Brazilian bossa nova pieces will be performed by a Korean jazz band alongside a children’s choir.
(Reporting by Kyu-seok Shim and Joyce Lee; Editing by Ed Davies and Saad Sayeed)
