Presidents Lula and Lee aim to expand cooperation on raw materials and other strategic areas.
After strengthening cooperation with India, Brazil is now also seeking closer collaboration with South Korea on critical raw materials, according to the Korea Times. At a summit meeting in Seoul, President Luiz Inácio Lula da Silva and his counterpart Lee Jae Myung agreed on a four-year plan to deepen cooperation in strategically important resources, environmental issues, and cultural exchange.
The two countries could be a “perfect match”: Brazil possesses key raw materials that South Korea’s industry requires, including rare earth elements. In return, the Asian nation could provide technological expertise. Lula specifically highlighted the semiconductor industry as an example—an area in which South Korea holds a globally leading position.
Talks in Seoul also addressed the possible resumption of negotiations on a trade agreement between South Korea and the Mercosur states. In addition to Brazil, Mercosur includes Argentina, Bolivia, Paraguay, and Uruguay. Negotiations on such an agreement were suspended in 2021.
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