President Lee Says South Korea-Chile FTA Must Evolve to Fit Changing Environment, Emphasizes Critical Mineral Cooperation

President Lee Jae-myung, currently on a tour of South America, stated that the South Korea-Chile Free Trade Agreement (FTA) "must evolve in line with the changing environment."

According to Argentine media outlet Infobae on this day, President Lee made the remarks in a written interview with the EFE news agency released ahead of his visit to Chile, saying, "Today's economy is being reorganized around digital trade, artificial intelligence (AI), clean technology, resilient supply chains, and the transition to carbon neutrality."

This implies that the FTA needs to be revised in response to these changes.

Accordingly, President Lee emphasized that both South Korea and Chile should reactivate the Joint Committee on Free Trade, promote discussions to modernize the agreement, and elevate the level of economic cooperation by strengthening supply chain cooperation.

He added that the revision of the FTA should also incorporate areas such as labor standards and gender equality.

President Lee also revealed that during his visit to Chile, the two countries plan to sign a memorandum of understanding (MOU) on a mineral resources partnership.

Regarding this, he explained, "The goal is to cooperate together to stabilize the global supply chain of critical minerals," adding, "Chile holds the world's largest reserves of lithium and copper, while South Korea possesses a stable demand and a high-tech industrial base."

He further emphasized, "These strengths of both nations open the way to build a competitive supply chain ranging from mineral development and processing to advanced manufacturing."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.