President Yoon Suk Yeol stated on July 25 that the relationship between South Korea and South America is entering a "new phase," emphasizing the need to resume trade agreement negotiations with Mercosur and strengthen cooperation in key minerals for the AI era.
During his visit to the United States and three South American countries (Brazil, Chile, and Argentina), Yoon made these remarks in a written interview with Spain's EFE news agency, aimed at informing South American citizens about the purpose of his visit. He noted, "The cooperation between the two sides should not merely be an exchange of natural resources for manufactured goods, but rather a relationship that creates value together through innovation, investment, technology, and talent."
Yoon assessed that "Mercosur member countries are global leaders in agriculture, food production, energy, and key minerals, while South Korea excels in advanced manufacturing, digital technology, shipbuilding, batteries, and innovation." He highlighted that South America possesses essential resources for future industries, and South Korea has the advanced technology, industrial know-how, and investment capabilities to match.
He explained, "By combining these strengths, we can build resilient value chains that benefit both regions, fostering resilient supply chains, nurturing new industries, and creating quality jobs that benefit both areas."
Yoon also pointed out that as concerns grow over the spread of protectionism, geopolitical tensions, supply chain disruptions, and energy security, countries need reliable partners and trade based on clear norms and mutual trust.
In this context, he identified modernizing the Korea-Chile Free Trade Agreement, South Korea's first free trade agreement signed and enacted in 2004, as a key objective of his visit to enhance economic cooperation with South America.
Yoon stated, "Now, more than 20 years after the agreement was signed, we have the opportunity to modernize it to reflect new areas such as digital trade, environmental cooperation, labor standards, gender equality, and innovation."
He concluded, "Our goal is clear: to build deep relationships not only in economic success but also in social exchanges and cooperation between future generations between South Korea and South America."
* This article has been translated by AI.
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