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South Korean President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva agreed during a summit in Brasilia on Monday to revive negotiations on a free-trade agreement between South Korea and the South American trade bloc Mercosur. The two leaders established a joint working group to prepare a formal declaration to resume talks at the Mercosur summit in December, according to a joint statement issued after their meeting.

Coverage Comparison

Reports from Yonhap News Agency detailed the summit's focus on economic cooperation, particularly in critical minerals and supply chains. The leaders met for the second time this year, following a February summit in Seoul during which they agreed to elevate bilateral ties to a strategic partnership. Yonhap quoted Lee as saying that a trade agreement with Mercosur is "an important task that cannot be delayed any further," citing an era of growing uncertainty in the global trade environment.

South China Morning Post coverage highlighted the challenges facing the revival of the talks, noting that analysts warn of persistent skepticism across Latin America. The report emphasized that South Korea needs to demonstrate tangible commitments through investment and technology transfer to win support in the region, rather than relying solely on diplomatic rhetoric.

Key Claims

  • Lee and Lula agreed to revive negotiations for a South Korea-Mercosur free-trade agreement, as reported by Yonhap and the South China Morning Post.
  • A joint working group will be established to prepare a formal declaration to resume talks, according to a joint statement cited by Yonhap and the South China Morning Post.
  • The summit aimed to strengthen cooperation in critical minerals and supply chains, as reported by Yonhap.
  • The leaders agreed to elevate bilateral ties to a strategic partnership during their February meeting in Seoul, as reported by Yonhap.
  • South Korea and Mercosur began formal negotiations for a trade pact in 2018, but talks have stalled since late 2021, according to both Yonhap and the South China Morning Post.
  • Mercosur is one of the world's largest trading blocs and rich in critical mineral resources, particularly lithium, as noted by Yonhap.
  • Analysts warn that skepticism towards the deal remains strong in Latin America, and South Korea needs to demonstrate tangible commitments to win support, as reported by the South China Morning Post.
  • In a separate interview with O Globo, Lee pledged to create diplomatic conditions conducive to the resumption of dialogue with North Korea, reaffirming his government's "firm determination" to build a peaceful Korean Peninsula, as reported by Yonhap.
  • Lee said South Korea's relationship with South America is entering a "new phase," and that Mercosur countries are global leaders in agriculture, food production, energy, and critical minerals, according to an interview with EFE carried by Yonhap.