South Korean, Brazilian presidents discuss strengthening cooperation in critical minerals, supply chains

Visiting South Korean President Lee Jae Myung and his Brazilian counterpart Luiz Inacio Lula da Silva on Monday discussed ways to strengthen bilateral cooperation, focusing on critical minerals and supply chains, Yonhap News Agency reported.

Lee arrived in the Brazilian capital Brasilia on Sunday as part of a three-nation South America tour that will later take him to Chile and Argentina.

The summit, held at the presidential palace, marked the second bilateral meeting between the two leaders this year, following their previous talks in February in Seoul, when they agreed to elevate bilateral ties to a strategic partnership.

The two sides also discussed ways to resume stalled negotiations on a trade agreement between South Korea and the South American trade bloc Mercosur, according to South Korean officials.

South Korea and Mercosur, one of the world’s largest trade blocs, began formal negotiations on a trade agreement in 2018, but the talks have been stalled since late 2021.

Lee and Lula stressed the need to resume negotiations on a South Korea-Mercosur trade agreement when they last met in February.

Seoul is seeking to diversify its trade portfolio amid shifts in the global trade environment.