President Lee Chairs Video Conference During Brazil Visit

President Lee Jae-myung, on a state visit to Brazil, held a video conference with senior aides on the night of his arrival to assess domestic measures in response to rising international oil prices.

During the meeting, which took place at 9 p.m. local time in Brasília, President Lee stated, "The situation in the Middle East has become unstable again, causing fluctuations in international oil prices. Given the likelihood of continued volatility, we must take proactive measures to minimize its impact on domestic prices." This marks the second time President Lee has chaired a video conference while on an overseas trip, following his visit to Italy on June 14.

He directed that the price cap on oil be maintained until the situation stabilizes and urged the continuation of policies such as fuel tax cuts. He also emphasized the need to consider additional measures to alleviate the burden on citizens if conditions worsen.

President Lee called for tailored support for sectors and groups directly affected by rising oil prices.

He urged strict enforcement against market disruptions, stating, "Authorities must ensure that hoarding and collusion do not occur not only with oil but also with other essential goods. They should be vigilant in cracking down on market disturbances."

As the peak vacation season approaches, President Lee instructed officials to closely monitor living costs and safety measures. He said, "The government should carefully review all measures related to prices and safety to ensure that citizens can enjoy comfortable time with their families."

Additionally, President Lee highlighted the importance of follow-up measures related to the San Francisco AI Declaration, which he described as a national commitment for South Korea to become an indispensable leader in the AI era. He noted, "This declaration has elevated our partnership with global big tech companies to the level of an AI alliance through large-scale supply and investment cooperation."

Earlier, upon arriving at Brasília International Airport, President Lee inspected the C-390 large transport aircraft from Brazil's Embraer, which will be introduced into the South Korean Air Force. The C-390 acquisition is part of a project to enhance the Air Force's airlift and peacekeeping capabilities, with a total investment of 883 billion won from 2022 to 2028.

Meanwhile, President Lee began his state visit at the invitation of Brazilian President Luiz Inácio Lula da Silva. In an exclusive interview with the local daily O Globo, he expressed optimism about the swift conclusion of the Korea-Mercosur trade agreement. He stated, "Since the start of negotiations in 2018, we have established a solid foundation through seven official rounds of talks by 2021. I believe our joint efforts will contribute to the rapid progress and conclusion of the Korea-Mercosur trade agreement," which involves South Korea and the four member countries of the Southern Common Market: Brazil, Argentina, Paraguay, and Uruguay.