South Korean President Lee highlights Chile's importance ahead of FTA talks

South Korean President Lee Jae-myung emphasized Chile's significance as the country's inaugural free trade agreement (FTA) partner ahead of his official visit. Lee is set to meet with Chilean President Carlos on July 30 for a summit aimed at strengthening bilateral ties.

"Chile is a close and important country to South Korea, as it was the first country with which the Republic of Korea signed an FTA," Lee stated in a message tagging President Carlos on X (formerly Twitter). He expressed his anticipation for the meeting, saying, "I look forward to meeting with you, Mr. President."

Lee is currently on a state visit to Brazil and will travel to Chile following the conclusion of his official schedule there. The upcoming summit comes over two decades after the initial FTA was signed in 2004. Both nations recognize the need to update the agreement to reflect changes in the global economy, industry, and trade landscape.

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Chile is a close and important country to South Korea, as it was the first country with which the Republic of Korea signed an FTA.

Beyond trade, the discussions are expected to cover cooperation in securing supply chains for critical minerals. Chile is the world's leading producer of copper and lithium, resources vital for various industries, including electric vehicles and renewable energy technologies. South Korea aims to diversify its sources for these essential materials.

The visit underscores the long-standing relationship between South Korea and Chile, built on economic cooperation since the early 2000s. The modernization of their FTA and strategic partnerships in key resource sectors are expected to be central themes during President Lee's visit.

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I look forward to meeting with you, Mr. President.