Seoul.- South Korean President Lee Jae Myung arrives this Wednesday in Chile, the second stop on his tour of South America, to advance the renewal of the bilateral free trade agreement (FTA), the first of its kind in South Korea’s history, and to promote a partnership on mineral resources.
“The current economy is marked by digital commerce, artificial intelligence, clean technologies, resilient supply chains, and the transition toward carbon neutrality,” Lee said in an interview with EFE, ahead of his meeting on Thursday in Santiago with Chilean President José Antonio Kast.
Reasons why “the FTA between South Korea and Chile must evolve to reflect these new realities,” said the South Korean leader, identifying as a priority of his Latin American tour the modernization of the first trans-Pacific agreement that connected East Asia with Latin America.
Modernizing a historical relationship
Although he highlighted its value in diplomatic relations since it came into force in 2004, Lee considered that the pact must adapt to the “dramatic changes” that have occurred since then.
To this end, the countries want to elevate the economic partnership by reactivating their Free Trade Commission, advancing talks to modernize the agreement, and deepening cooperation on resilient supply chains, Lee said.
The South Korean president argued that modernizing the agreement is not just about updating trade rules, but about opening business opportunities and supporting innovation, as well as strengthening emerging industries.
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The update to the treaty with Chile, the first South American country to recognize South Korea in 1949, aims to incorporate areas such as labor standards and gender equality, he added.
Seeking continuity with Kast
During Lee’s summit with then-Chilean President Gabriel Boric last year in South Korea, both leaders agreed on the importance of modernizing the bilateral FTA, the first of its kind signed by South Korea.
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A commitment that the South Korean leader hopes will continue despite the change in political direction with Kast, who took office in March of this year.
“What gives me confidence is that the relationship between South Korea and Chile has never depended on a single administration. Since the establishment of diplomatic relations in 1962, South Korea and Chile have built a friendship based on mutual trust, shared values, and institutions that have strengthened over more than six decades,” he stated.
Strengthening cooperation in mining
Aside from the modernization of the trade agreement, Lee announced that both countries will sign a memorandum of understanding on a partnership in mineral resources during his visit.
“The goal is to work together to stabilize global critical mineral supply chains,” said Lee, before highlighting that Chile possesses the world’s largest reserves of lithium and copper, while South Korea represents a stable source of demand and advanced industries.
Strengths that open the door to forming a competitive chain that spans from mineral development and processing to advanced manufacturing, he stressed.
Defense, oceans and culture on the agenda
The South Korean president noted that the visit will also expand cooperation in areas of “complementary strengths” of the two countries, such as infrastructure, the defense industry, and public and maritime security.
“I also look forward to working closely with Chile to ensure the success of the Fourth United Nations Ocean Conference, which our two countries will co-host in 2028,” he announced.
Lee’s visit is part of a South American tour that began in Brazil, where he met on Monday with his Brazilian counterpart, Luiz Inácio Lula da Silva, with whom he agreed to create a working group to facilitate a trade agreement between South Korea and Mercosur. On Friday, he will meet in Buenos Aires with Argentine President Javier Milei.
