(ATTN: UPDATES with more summit results in paras 4-6, 9-10; ADDS photo)

By Park Boram

BUENOS AIRES, July 31 (Yonhap) -- South Korea and Argentina agreed Friday to strengthen their bilateral cooperation on critical minerals, including by pursuing joint projects across the entire lithium value chain, a presidential official said Friday.

A memorandum of understanding (MOU) toward that end was signed on the sidelines of a bilateral summit between South Korean President Lee Jae Myung and his Argentine counterpart, Javier Milei, in Buenos Aires.

Under the MOU, the two countries will share information on their respective policies regarding critical minerals and related investment systems, while promoting bilateral corporate investment and pursuing joint projects across the entire lithium value chain, including exploration and mining, according to National Security Adviser Wi Sung-lac.

Seoul and Buenos Aires also agreed to cooperate to ensure stable exports of Argentine crude oil to South Korea, as South Korea plans to begin importing Argentine crude oil next year following a pilot shipment earlier this year, he said.

The move is expected to diversify South Korea's crude oil import sources, which are currently concentrated in the Middle East, toward South America, helping mitigate the impact of geopolitical uncertainties while securing stable energy supplies, according to Wi.

Going forward, the two countries will further expand energy cooperation to include natural gas and nuclear energy and jointly explore opportunities for additional cooperation, he said.

South Korea and Argentina also agreed to work toward the prompt resumption of negotiations on a free trade agreement between South Korea and the South American trade bloc Mercosur.

Mercosur is one of the world's largest trade blocs, whose members include Brazil, Argentina, Paraguay, Uruguay and Bolivia, along with several associate members.

In order to maintain progress in implementing the summit agreements and further seek business opportunities, the two countries will reactivate a joint economic committee and an energy and resource cooperation committee, according to the national security adviser.

In a move aimed at easing tax burdens on South Korean firms operating in Argentina and promoting their investment, the countries finalized a double taxation avoidance agreement.

Earlier Friday, Milei welcomed Lee at the presidential palace, Casa Rosada, in the Argentine capital before the two leaders posed for photographs ahead of their summit.

Argentina is the final stop in Lee's three-nation South America tour, which is largely focused on strengthening trade relations and cooperation on critical minerals, among others.

As part of his ongoing tour, Lee held separate summit talks earlier this week with President Luiz Inacio Lula da Silva of Brazil and Chilean President Jose Antonio Kast.

pbr@yna.co.kr

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