Lee says S. Korea, Chile will reactivate committee to negotiate modernizing FTA

Lead

South Korean President Lee Jae Myung said Thursday that South Korea and Chile have agreed to reactivate a joint committee to discuss ways to enhance bilateral trade, including by modernizing their free trade agreement (FTA). The announcement came following a summit with Chilean President Jose Antonio Kast in Santiago.

Coverage Comparison

Yonhap News Agency, South Korea's leading wire service, reported the agreement in multiple dispatches from Santiago, offering a consistently positive framing focused on economic cooperation and mutual growth. The South China Morning Post, by contrast, provided a broader geopolitical context, highlighting the recent US tariff on Chilean imports and a separate meeting between Chile's president and China's ambassador.

According to Yonhap, President Lee emphasized the significance of the reactivation, which will mark the first meeting of the joint FTA committee in a decade. The committee is expected to discuss modernizing the South Korea-Chile FTA, which took effect in 2004. Lee was quoted as saying that bilateral trade has quadrupled over the past 20 years, validating the strategic choice made in 2004 when South Korea selected Chile as its first FTA partner.

The South China Morning Post reported that Chilean President Kast received China's ambassador to Santiago, Niu Qingbao, at the La Moneda Palace on the Friday morning preceding the summit, in a meeting that lasted over an hour. This encounter, the first between the two men since Kast took office in March, focused on reviewing the bilateral agenda, the foreign minister's upcoming trip to China, and preparations for Kast's participation in the Apec leaders' meeting in November in Shenzhen.

Key Claims

• South Korea and Chile agreed to reactivate a joint committee to discuss enhancing bilateral trade, including modernizing the FTA, as reported by Yonhap.
• The South Korea-Chile FTA took effect in 2004, and bilateral trade has quadrupled over the past 20 years, according to Lee's remarks carried by Yonhap.
• The leaders agreed to pursue cooperation in critical mineral supply chains, the defense industry, infrastructure, and public security, as reported by Yonhap.
• President Lee spoke at a South Korea-Chile business roundtable in Santiago, highlighting potential synergy in critical minerals, advanced manufacturing, and defense, according to Yonhap.
• The US Trade Representative confirmed a 12.5% tariff on Chilean imports, citing Chile's failure to prohibit imports produced with forced labor, as reported by the South China Morning Post.
• China's ambassador to Santiago met with Chilean President Jose Antonio Kast, as reported by the South China Morning Post.

Perspectives

South Korean Government: President Lee Jae Myung emphasized mutual growth and future-oriented cooperation, describing the reactivation of the FTA committee as a step to expand business opportunities and reflect new realities.

Chilean Government: President Jose Antonio Kast engaged in diplomatic outreach to both South Korea and China, while his administration indicated it would continue discussions with the US to improve trade access conditions, as reported by the South China Morning Post.