South Korea and Chile Revamp 22-Year-Old FTA to Strengthen Mineral Cooperation

[Anchor]

President Lee Jae-myung, currently on a tour of South America, held a summit with Chilean President Kast. The two leaders agreed to upgrade their free trade agreement, which marks its 22nd year since conclusion this year, and to strengthen cooperation on minerals.

Reporter Kang Cheongwan has the details.

[Reporter]

President Kast greets President Lee Jae-myung with a handshake upon his arrival at the Chilean Presidential Palace.

Meeting for the first time, the two leaders began their talks in a warm atmosphere, posing with "finger hearts" at President Kast's suggestion.

The main agenda of the summit, which lasted for about an hour, was the modernization of the South Korea-Chile FTA, South Korea's first-ever free trade agreement.

As 22 years have passed since it was signed in 2004, the plan is to expand cooperation areas beyond agricultural and industrial goods to include digital trade and artificial intelligence.

[President Lee Jae-myung: By reactivating the South Korea-Chile FTA Joint Committee for the first time in 10 years, we will review trade and investment issues....]

Measures to strengthen cooperation on critical minerals with Chile, the world's number one country in reserves of lithium and copper—key raw materials for advanced industries such as batteries—were also discussed. President Kast expressed his strong will for cooperation by citing a Korean proverb.

[Kast / President of Chile: Korea has a proverb that says, "Many hands make light work." We understand cooperation on critical minerals as precisely that kind of example.]

Amid the signing of five memorandums of understanding, including cooperation on mineral resources and Antarctic research, President Kast also proposed a joint visit to Antarctica to President Lee in the future.

Having concluded the summit, President Lee arrived in Argentina, the final stop on his South American tour.

President Lee Jae-myung will hold a summit with Argentine President Javier Milei shortly.

(Camera: Jung Sang-bo, Video Editing: Wee Won-yang)
※ Please note: This article was translated by AI and may contain errors.