By Park Boram

SANTIAGO, July 30 (Yonhap) -- President Lee Jae Myung said Thursday that South Korea and Chile have agreed to reactivate a joint committee to discuss ways to enhance bilateral trade, including by modernizing their free trade agreement (FTA).

The South Korean president made the remarks at a joint press announcement with Chilean President Jose Antonio Kast in Santiago following their summit.

"South Korea and Chile agreed to further expand cooperation in trade and investment to pursue mutual growth," Lee said.

As part of the agreement, the two countries will reactivate their joint FTA committee for the first time in 10 years to discuss ways to enhance bilateral trade relations, including modernizing the South Korea-Chile FTA in a mutually beneficial manner, he added.

In a media interview released the previous day, Lee highlighted that updating the agreement is not just about revising trade rules but also expanding business opportunities. It "must evolve to reflect new realities," he said.

The South Korea-Chile FTA took effect in 2004.

"In 2004, South Korea chose Chile as its first FTA partner. Bilateral trade has since quadrupled over the past 20 years, proving the two countries' strategic choice was the right one," the South Korean president added.

Lee said that he and Kast also held an in-depth discussion on cooperating with key economic cooperation blocs, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Pacific Alliance.

Additionally, the leaders agreed to pursue "mutually beneficial and future-oriented" cooperation in critical mineral supply chains, the defense industry, infrastructure and public security, according to Lee.

"Chile, the world's largest copper producer with the world's largest lithium reserves, is an ideal partner for South Korea, a leader in semiconductors, batteries and other advanced industries, in establishing critical mineral supply chains," Lee said.

The South Korean president pledged efforts to explore bilateral investment and cooperation opportunities between companies of the two countries in critical minerals and energy.

South Korea agreed to actively support South Korean builder Hyundai Engineering & Construction Co.'s Chacao Bridge project in Chile, while the two leaders also agreed to discuss establishing an institutional framework to expand cooperation in the defense industry and shipbuilding.

The summit outcome included Seoul's pledge to support Chileans' growing interest in K-pop, South Korean entertainment content and culture, as well as a commitment to cooperate in combating transnational crimes, addressing maritime security challenges and strengthening cooperation between the two countries' police and coast guard agencies.

During the summit, Lee requested Chile's support for Seoul's efforts to address North Korea's nuclear issues and establish peace on the Korean Peninsula, Lee told the joint press event.

"President Kast expressed his commitment to work together for peace and security on the Korean Peninsula," said Lee.

Chile is the second stop in Lee's ongoing three-nation South America tour, which earlier took him to Brazil for a summit with his Brazilian counterpart, Luiz Inacio Lula da Silva. Lee is set to depart later Thursday for Argentina, where he will meet Argentine President Javier Milei the following day.

pbr@yna.co.kr

(END)

  • Police drop underage dating charge against actor Kim Soo-hyun
  • S. Korea formally completes development of homegrown KF-21 fighter jet
  • S. Korea in talks with U.S. military over air base access following white phosphorus leak: sources
  • BTS' 'Arirang' returns to top 10 on Billboard 200

  • BTS' 'Butter' tops 1.1 bln views on YouTube

  • S. Korea formally completes development of homegrown KF-21 fighter jet

  • (LEAD) S. Korea, U.S. open shipbuilding partnership center to advance MASGA initiative
  • Police drop underage dating charge against actor Kim Soo-hyun
  • S. Korea in talks with U.S. military over air base access following white phosphorus leak: sources

  • (3rd LD) SK Group chairman ordered to pay 944 bln won in asset division to ex-wife

  • Police drop underage dating charge against actor Kim Soo-hyun

  • Fans, celebrities support BTS' Grammy boycott
  • S. Korea formally completes development of homegrown KF-21 fighter jet
  • (2nd LD) U.S. military drone flies over inter-Korean border area, prompts civilian evacuation
  • New U.S. Ambassador Steel set to arrive in S. Korea on Thurs.