President Luiz Inácio Lula da Silva stated that the trade agreement between Mercosul and South Korea could be concluded in 2026, following a meeting with South Korean leader Lee Jae-myung in Seoul. The two leaders agreed to resume negotiations stalled since 2021. The statement is part of Lula's Asia trip, which includes stops in India and the United Arab Emirates.
During a state visit to Seoul, President Luiz Inácio Lula da Silva met with South Korean President Lee Jae-myung on February 23, 2026. Lula emphasized the importance of resuming the Mercosul-South Korea trade agreement amid global discussions on commercial unilateralism. "I reminded him [Lee Jae-myung] that it was very important, at this moment when unilateralism is being discussed, to return to discussing this agreement. He showed great interest. We will set up commissions to start debating. And I think, if everything goes well, we can conclude these agreements this year," Lula said.
Lee Jae-myung expressed agreement, stating that Lula viewed the deal as an urgent and important task. Negotiations, started in 2018, had their last round in 2021. The following day, February 24, Lula reiterated plans to establish negotiation commissions quickly, as reported by journalists in Seoul.
Lula's Asia trip began in India, where he attended the 4th AI Impact Summit and signed 11 government agreements, including a memorandum on rare earths and critical minerals with Prime Minister Narendra Modi. A goal was to renegotiate tariffs on chicken exports, but it was not achieved. In Seoul, ten cooperation agreements were signed on critical minerals, technology, and health products like cosmetics.
After Seoul, Lula headed to Abu Dhabi in the United Arab Emirates, turning a technical stop into an official meeting with President and Emir Mohammed bin Zayed Al Nahyan, at his request, in a reserved room at Abu Dhabi International Airport. The meeting took place on the night of February 23 Brasília time. Lula returned to Brazil on the morning of February 25, resuming duties in Brasília that day.
The context involves global efforts to diversify trade partnerships, intensified after tariffs imposed by U.S. President Donald Trump, despite some being deemed illegal by the U.S. Supreme Court.
