President Lee Jae Myung, who is on an official visit to Argentina, held a summit with Argentine President Javier Milei in Buenos Aires to discuss energy, critical minerals, trade and investment cooperation. The two leaders held a 25-minute preliminary meeting followed by a 58-minute summit.
Presidential National Security Adviser Wi Sung-lac said Korean companies conducted a trial import of Argentine crude this year and plan to start regular imports next year.
“Korean companies have test-imported Argentine crude oil this year, and based on that, they plan to begin imports next year,” Wi said at a press briefing in Buenos Aires. “The two governments agreed to cooperate so that the planned imports can proceed in a stable manner from next year.”
The trial shipment this year amounts to 880,000 barrels, while the volume for next year has not yet been decided.
Wi said Korea’s imports of Argentine crude could increase over time, noting Milei’s pledge to expand Argentina’s energy exports by about fivefold.
“This has created a practical opportunity to expand Korea’s crude oil supply sources, which have been concentrated in the Middle East, to South America,” Wi said. “We expect this to help reduce geopolitical uncertainty and strengthen Korea’s ability to respond to energy supply risks.”
The two countries also agreed to expand energy cooperation beyond crude oil to natural gas and nuclear power and to jointly identify specific cooperation projects.
Lee and Milei also used the summit to sign a memorandum of understanding on critical minerals, setting up a framework for supply chain cooperation in minerals needed for future industries. The MOU calls for the two countries to share information on policies and investment systems and promote joint projects across the lithium value chain, including exploration and mining.
Argentina is the world’s fourth-largest holder of lithium reserves.
The two countries also finalized a double taxation avoidance agreement, a move expected to ease the tax burden on Korean companies operating in Argentina and improve predictability for investors.
Lee and Milei also agreed to push for an early resumption of negotiations on a trade agreement between Korea and Mercosur, the South American trade bloc that includes Argentina and Brazil. Wi said a Korea-Mercosur trade deal, if concluded, would open smoother export channels for Korean products to a market of 280 million people.
To follow up on the summit results and identify new projects, the two countries agreed to resume the Korea-Argentina Joint Economic Committee and the Energy and Resources Cooperation Committee.
They also agreed to pursue the early conclusion of a mutual recognition agreement for driver’s licenses and seek new cooperation projects in defense, space, Antarctica and health care.
During the talks, Milei emphasized his government’s regulatory reform efforts and called for more active Korean investment in Argentina.
“Through various legislative measures, Argentina’s property rights protection system has become stronger,” Milei was quoted as saying. “The business environment has improved.”
Asked whether tensions between Milei and Brazilian President Luiz Inacio Lula da Silva could affect Korea-Mercosur trade negotiations, Wi said there were various issues between Brazil and Argentina but no special disagreement over Mercosur.
Lee’s visit to Argentina was part of a tour that began in San Francisco and continued through Brazil, Chile and Argentina. It marked his longest overseas trip and the largest number of cities visited since he took office in June last year.
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