(ATTN: RECASTS headline: UPDATES paras 1-5 with summit results)

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.

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.

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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