(ATTN: UPDATES with more info in paras 8-12)

By Park Boram

BRASILIA, July 27 (Yonhap) -- South Korean President Lee Jae Myung held a summit with Brazilian President Luiz Inacio Lula da Silva in Brasilia on Monday as Seoul seeks to strengthen cooperation with the South American country in critical minerals and supply chains.

The Lee-Lula summit in Brasilia marks their second official talks this year, following their previous summit in February in Seoul, during which the leaders agreed to elevate bilateral ties to a strategic partnership.

During the summit, which lasted more than two hours, the leaders discussed ways to strengthen cooperation, especially in critical minerals and supply chains, as Seoul seeks to diversify its trade portfolio amid shifts in the global trade environment.

They also agreed on the importance of resuming stalled negotiations on a trade agreement between South Korea and Mercosur, a South American trade bloc.

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

South Korea and Mercosur began formal negotiations for a trade pact in 2018, but the talks have stalled since late 2021.

Lee and Lula stressed the need to resume negotiations for a South Korea-Mercosur trade pact when they last met in February.

The leaders agreed to launch a South Korea-Brazil working group to explore trade opportunities with the view of announcing the resumption of negotiations on a trade pact at the upcoming Mercosur gathering in December, presidential spokesperson Kang Yu-jung said in a press release.

They also agreed to expand mutually beneficial cooperation across the entire critical minerals supply chain by combining Brazil's abundant critical mineral resources with South Korea's state-of-the-art industrial and technological capabilities, Kang said.

Lee, in particular, pointed out that Brazil is the primary destination for South Korean corporate investment, asking for Lula's support in helping South Korean firms invest stably and expand their businesses in Brazil.

In response, Lula hailed South Korean firms' contributions to his country's economy and industry, pledging active support to ensure they can expand their investments and conduct business activities in a stable manner.

The two sides also adopted a joint statement outlining the results of their summit, the spokesperson added.

In a joint press announcement after their summit, Lula invited Lee to visit Brazil again in September to attend the scheduled joint launch of a space launch vehicle at Brazil's Alcantara Space Center.

Lee responded that he hopes to attend the launch in person, adding, "I will watch virtually if it is impossible (for me to come)."

The summit was followed by a music performance and a reception hosted by the Brazilian first couple.

In the guest book, Lee wrote, "I hope we can open the future together toward everlasting friendship and shared prosperity between South Korea and Brazil."

On the occasion of Lee's visit to Brazil, the two countries signed a total of seven memorandums of understanding (MOUs) aimed at strengthening cooperation in aerospace, supply chains and cultural sectors.

One of the MOUs, on aerospace cooperation, aims to streamline regulations and procedures for South Korean firms using Brazilian launch facilities while pursuing cooperation in lunar exploration, the space sector and satellite data sharing, according to Seoul's presidential office.

Under the signed MOUs, the South Korean government will also strengthen supply chain cooperation and expand exchanges in education, sports and the film industry.

Monday's Lee-Lula meeting reaffirmed the special bond the two leaders forged during their February meeting, when they shared their experiences of having worked as child laborers.

Escorted by mounted honor guards, Lee earlier arrived at the Brazilian presidential palace in the capital for the summit, where he was greeted by Lula with a hug and a smile.

The two leaders were seen linking their arms and embracing during their meeting. They also posed for a photo, each making a finger-heart as a sign of friendship.

The South Korean president arrived in Brasilia the previous day as part of his three-nation South America tour that will later take him to Chile and Argentina.

pbr@yna.co.kr

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