SEOUL, February 23 (AJP) - South Korean President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva agreed to elevate bilateral relations to a strategic partnership following a summit at the presidential Blue House on Monday.
During a joint press briefing in the afternoon, Lee announced the adoption of a four-year action plan designed to foster a new leap forward in the bilateral relationship. The leaders oversaw the signing of 10 memorandums of understanding covering sectors such as small businesses, health regulations and agriculture.
The talks highlighted several main areas of cooperation, prioritizing artificial intelligence, aerospace, defense, biopharmaceuticals and critical minerals. Both countries also plan to expand collaboration across the digital and green economies.
Addressing international trade, Lee said he emphasized the need to quickly resume negotiations for a trade agreement between South Korea and the South American trade bloc Mercosur. Lee noted that Lula agreed the pact is a crucial task, and both leaders committed to seeking a breakthrough based on mutual trust.
Brazil is currently unable to negotiate a conventional bilateral free trade agreement with South Korea due to institutional rules within Mercosur, which requires the bloc to negotiate trade deals collectively.
Regarding the newly signed memorandums, Lee stated that the agreement focusing on small and medium-sized enterprises will help diversify bilateral trade and investment, which has historically been dominated by large conglomerates.
Another key agreement addresses health and regulatory cooperation, which Lee said will further boost the popularity of South Korean cosmetics in Brazil. The arrangement facilitates the exchange of regulatory information for cosmetics, food and pharmaceuticals, alongside technical cooperation to streamline market access.
South Korean cosmetics have seen significant growth in the region. According to the Korea International Trade Association, cosmetic exports to Latin America grew by more than 40 percent annually over the past four years, reaching roughly $400 million in 2024.
The two governments also signed three memorandums focused on agriculture, food security and supply chains. Lee described Brazil as an agricultural powerhouse with advanced technology, calling the partnerships vital for South Korea's food security and the sustainable development of rural economies in both nations.
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