South Korean President Arrives in Chile to Modernize FTA, Discuss Mineral Supply Chains

South Korean President Lee Jae-myung arrived in Santiago, Chile, for an official visit and summit with President Gabriel Boric, aiming to modernize the Free Trade Agreement (FTA) between the two nations. Lee stated that the existing FTA, in effect since 2004, must evolve to incorporate new economic realities, including digital trade, artificial intelligence, clean technology, resilient supply chains, and the carbon-neutral transition.

During the summit, both leaders are expected to sign a memorandum of understanding (MOU) on mineral resource partnerships. This agreement is particularly significant as Chile is the world's leading producer of copper and lithium, resources critical for global supply chains. Lee highlighted that the modernization of the FTA is not merely about revising trade rules but also about creating new business opportunities, fostering innovation, and enhancing collaboration in emerging sectors.

President Lee also expressed his desire to include provisions on labor standards and gender equality in the updated agreement. He underscored the long-standing and robust relationship between South Korea and Chile, noting that Chile was the first South American nation to recognize South Korea in 1949. "The reason I am confident in our bilateral cooperation is that the South Korea-Chile relationship has never been dependent on one country," Lee remarked, emphasizing the mutual trust, shared values, and institutional foundation built over more than 60 years of diplomatic ties.

The president's visit aims to deepen cooperation and adapt their economic partnership to the rapidly changing global landscape. The focus on key minerals and new industrial areas signals a strategic alignment to address contemporary global challenges and opportunities.