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 in Seoul on Monday with Brazilian President Luiz Inacio Lula da Silva, where they agreed to expand cooperation in sectors including trade, key minerals, technology and culture. 

The leaders plan to elevate the bilateral relationship into a strategic partnership, and for the countries to work together to support stability on the Korean Peninsula, Lee said.

“Peace, built on conditions where conflict isn’t needed, is the strongest form of security,” the South Korean president told a joint press conference.

The leaders oversaw the signing of 10 memorandums of understanding spanning trade and industrial policy, core minerals, digital economy including AI, agriculture, health and biotech, small-business exchanges and joint policing against cybercrime, narcotics and other transnational threats.

In earlier remarks, Lee said they adopted a four-year action plan to map out concrete steps for expanding bilateral cooperation, from strategic minerals to defence and space industries, as well as food security.

Brazil is South Korea’s largest trading partner in South America, making economic cooperation a key part of the agenda.

Lula said Brazil holds the world’s second largest rare-earth reserves and has substantial nickel deposits, and that his government hoped to attract investment from South Korean companies.

The summit came as global trade flows face added uncertainty amid increased confusion over U.S. tariffs.

The leaders also agreed on a need to resume talks to conclude 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 over disagreements on protection for agricultural and manufactured goods.

BOSSA NOVA AND BARBECUE

Lula called for discussions on green industries and the energy transition and invited South Korea to take part in Brazil’s Amazon Fund, a rainforest conservation financing mechanism.

In a message posted to X earlier in the day, Lee welcomed Lula, who is in Seoul for his first state visit in 21 years, pointing out the similarities in their backgrounds.

“As a former child labourer, you proved with your whole 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 the G7 summit in Canada last year and later at the G20 summit in South Africa, appear to have bonded over shared experiences of childhood factory work and workplace injuries.

The talks took place in South Korea’s presidential Blue House, the first large-scale official welcome ceremony to be held since Lee moved his office back to the building.

A state banquet is scheduled for Monday evening, where barbecue dishes are due to be served and Brazilian bossa nova pieces performed by a Korean jazz band alongside a children’s choir, Lee’s office said.

(Reporting by Kyu-seok Shim and Joyce Lee; Editing by Ed Davies and Saad Sayeed)