By Ruy A. Valdes
Seoul, July 29 (EFE).- South Korean President Lee Jae Myung arrived in Chile on Wednesday, the second stop on his South American tour, to push the modernization of the bilateral free trade agreement (FTA), the first in South Korea’s history, and promote cooperation on critical minerals.
“Today’s economy is shaped by digital trade, artificial intelligence, clean technologies, resilient supply chains, and the transition toward carbon neutrality,” Lee said in an interview with EFE ahead of his meeting with Chilean President Jose Antonio Kast on Thursday.
«The FTA between South Korea and Chile must evolve to reflect these new realities,” he added, describing the modernization of the first trans-Pacific trade agreement linking East Asia and Latin America as one of the main priorities of his visit.
While highlighting the agreement’s role in strengthening bilateral ties since it entered into force in 2004, Lee noted it must adapt to the «profound changes» that have taken place over the past two decades.
In this regard, the countries seek to elevate their economic partnership by reactivating their Free Trade Commission, advancing negotiations to modernize the agreement, and deepening cooperation on resilient supply chains, he said.
Lee noted that updating the agreement was not just about revising trade rules, but also expanding business opportunities, fostering innovation, and strengthening cooperation in emerging industries.
The revised pact with Chile —the first South American country to recognize South Korea in 1949 — is also expected to include provisions on labor standards and gender equality, he added.
During Lee’s summit with then-Chilean President Gabriel Boric in South Korea in 2025, both leaders agreed on the need to modernize the bilateral FTA, the first trade agreement signed by South Korea.
The South Korean president hoped this commitment would endure despite the change in political leadership under Jose Antonio Kast, who took office in March.
«What gives me confidence is that the Korea-Chile relationship has never depended on a single administration. Since establishing diplomatic relations in 1962, Korea and Chile have built a friendship based on mutual trust, shared values, and institutions that have grown stronger over more than six decades,” he said.
Lee announced that the two countries would also sign a memorandum of understanding on cooperation in critical minerals aimed at strengthening global supply chains, highlighting that Chile holds the world’s largest reserves of lithium and copper while South Korea is «a stable, long-term source of demand.»
According to the South Korean leader, the visit is also expected to expand cooperation in areas where the two countries have complementary strengths, including infrastructure, defense, and public and maritime security.
“I also look forward to working closely with Chile to ensure the success of the Fourth United Nations Conference on the Oceans, which our two countries will co-host in 2028,” he said.
Lee’s visit is part of a South American tour that began in Brazil, where he met on Monday with President Luiz Inacio Lula da Silva and agreed to establish a working group to facilitate a trade agreement between South Korea and Mercosur.
On Friday, he is expected to meet with Argentine President Javier Milei in Buenos Aires. EFE
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