President Lee Jae Myung held a summit with Brazilian President Luiz Inacio Lula da Silva in Brasilia on Monday to discuss ways to strengthen cooperation in critical minerals and supply chains.
The summit lasted more than two hours. The leaders agreed that negotiations on a trade pact between South Korea and the Mercosur trade bloc, which began in 2018 and stalled in late 2021, should resume without further delay.
The two countries signed seven memorandums of understanding covering aerospace, supply chains and cultural sectors. Lula invited Lee to attend the scheduled joint launch of a space launch vehicle at Brazil's Alcantara Space Center in September.
Lee left Brasilia for Sao Paulo after the meeting. His three-nation South America tour continues in Chile and Argentina. Bilateral trade reached US$11 billion last year.
