South Korean President Lee Jae-myung Arrives in Argentina for Key Minerals and Trade Talks

South Korean President Lee Jae-myung has arrived in Argentina, the third and final destination of his South American diplomatic and economic tour. His arrival marks a significant moment, as it is the first time a South Korean president has visited Argentina in 22 years. President Lee is scheduled to hold a summit with Argentine President Javier Milei on July 31 (local time).

Following a two-day itinerary in Chile, President Lee landed at Ezeiza International Airport in Buenos Aires. His official schedule in Argentina includes laying a wreath at Plaza San Martín, a site honoring Argentine independence heroes, followed by an official welcome ceremony, the summit with President Milei, a meeting with the Mayor of Buenos Aires, and a dinner with the Korean diaspora. This visit concludes his three-nation tour of South America, which also included Brazil and Chile.

President Lee aims to forge robust economic and security partnerships with Argentina, a nation rich in resources. Argentina ranks fourth globally in lithium reserves, second in shale gas, and is the world's top exporter of soybean oil. The visit is particularly crucial for diversifying South Korea's energy supply chains, which have faced instability due to Middle Eastern conflicts, and for expanding its export markets.

A key objective of the tour is to pave the way for initiating negotiations on a Free Trade Agreement (FTA) with Mercosur, the South American trade bloc. This agreement is seen as vital for South Korea to gain a foothold in the vast South American market, which comprises 300 million people and a combined GDP of $3 trillion. Japan has also recently begun FTA negotiations with Mercosur, while the European Union is on the verge of finalizing its own agreement after 27 years of talks.

During his summit with President Milei, Lee is expected to discuss comprehensive cooperation in areas such as defense, science and technology, Antarctic affairs, culture, and education. South Korea's presidential office has expressed anticipation that the partnership with Argentina, a country possessing critical minerals, energy, and food resources, will advance to a new stage, with a specific focus on building a cooperation framework for core minerals, including lithium.

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President Lee expects cooperation with Argentina, which possesses key elements of economic security such as core minerals, energy, and food, to advance to a new stage.