South Korea, Brazil Agree on Rare Earths Cooperation, Meat Imports

South Korea and Brazil have agreed to strengthen cooperation in critical minerals, particularly rare earths, and to lower import barriers for Brazilian meat. The agreements were reached during a summit between South Korean President Lee Jae-myung and Brazilian President Luiz Inácio Lula da Silva in Brasília.

Both leaders emphasized the importance of building diversified, resilient, sustainable, and inclusive supply chains for critical and strategic minerals. They expressed willingness to further discuss all stages of the supply chain, including technology transfer, based on their respective national priorities for value creation. The two nations also committed to exploring new opportunities in defense, aerospace, and aviation, including South Korea's acquisition of the Embraer C-390 multi-purpose transport aircraft, making it the first Asian country to do so.

In terms of trade, South Korea will facilitate the import of Brazilian beef and pork. Both sides reaffirmed their commitment to the market access of Brazilian meat products. They agreed to promptly complete all necessary procedures for the risk assessment of Brazilian beef, starting with technical inspections by South Korea's Animal and Plant Quarantine Agency and the Ministry of Agriculture, Food and Rural Affairs in Brazil this August.

Additionally, during a business roundtable, the two countries signed seven Memoranda of Understanding (MOUs). Notably, POSCO International signed an MOU with Brazil's Meteoric for the stable procurement and supply chain establishment of rare earth raw materials. SK Biospharm also established a joint venture with Brazil's EuroFarma to collaborate in AI, healthcare, and the development of drugs for rare epilepsy.