President Yoon Suk Yeol is set to engage in "economic sales diplomacy" in Argentina, the final stop of his South American tour, focusing on establishing supply chains for key minerals, including lithium, and resuming negotiations for the Korea-Mercosur trade agreement.
On July 30, local time, President Yoon departed Santiago, Chile, for Buenos Aires, Argentina. This marks the first bilateral visit by a South Korean president to Argentina in 22 years, since Roh Moo-hyun's visit in 2004.
On July 31, President Yoon will hold a summit with President Javier Milei to discuss advancing cooperation in economic security areas, including key minerals, energy, and food.
A primary agenda item will be the lithium supply chain. Argentina ranks as the fourth-largest lithium producer globally and forms part of the "lithium triangle" alongside Chile and Bolivia.
The government plans to establish a cooperative framework for the lithium supply chain during this visit. The strategy aims to connect Argentina's rich mineral resources with South Korea's advanced manufacturing capabilities in batteries and electric vehicles, facilitating resource development, processing, and production of materials and components.
Given Argentina's role as a major supplier in energy and food, discussions are also expected to cover strategies for diversifying supply chains. The government intends to seek a mutually beneficial economic cooperation model that links resource acquisition with technology, investment, and local production.
Resuming negotiations for the Korea-Mercosur trade agreement is another key topic for the summit. Argentina is a core member of Mercosur, the South American common market, alongside Brazil, Uruguay, and Paraguay.
During a previous state visit to Brazil, President Yoon and President Luiz Inácio Lula da Silva initiated the resumption of Mercosur negotiations. The two countries agreed to form a working group to analyze trade opportunities and sensitivities, aiming to announce the resumption of negotiations at the Mercosur summit in December.
In his meeting with President Milei, President Yoon aims to secure cooperation from Argentina to maintain the momentum for resuming negotiations established in Brazil. The government anticipates that resuming talks will enhance access for South Korean companies to the South American market and expand opportunities for Mercosur companies in the Asian market.
The two leaders will also discuss cooperation in areas that can benefit citizens and businesses, such as defense, science and technology, Antarctic research, and cultural and educational exchanges. High-level exchanges and intergovernmental consultative bodies will be reactivated to support these initiatives.
After the summit, President Yoon will meet with Buenos Aires Mayor Jorge Macri in the afternoon. He is expected to request the city's support and attention to ensure the safety and rights of the local Korean community.
Approximately 23,000 Koreans reside in Argentina, making it the second-largest Korean community in South America after Brazil. The community has expanded its activities from clothing and manufacturing to various sectors, including economy, culture, and education.
In the evening, President Yoon will hold a dinner meeting with local Koreans to listen to their concerns and expectations from the government. After concluding his schedule in Argentina, he plans to visit Frankfurt, Germany, to meet with expatriates.
* This article has been translated by AI.
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