Lee Jae Myung and Lula aim to restart MERCOSUR talks in December; Chung Eui-sun to join business delegation

   [Financial News, São Paulo, Brazil and Seoul = Reporters Choi Jong-geun and Seong Seok-woo]President Lee Jae Myung, who is on a state visit to Brazil, has opened the way for the resumption of negotiations on a Korea-MERCOSUR trade agreement. Lee met with Brazilian President Luiz Inácio Lula da Silva at the Alvorada Palace on the 27th local time and agreed to establish bilateral working groups with the goal of announcing the resumption of talks in December. The two leaders agreed that a Korea-MERCOSUR trade agreement is an urgent task that can no longer be delayed. They also decided to significantly expand cooperation in trade and investment, resources and energy, and defense, space and aviation. After wrapping up his schedule in Brasília, Lee will continue his economic diplomacy in São Paulo by meeting business leaders from both countries, including Hyundai Motor Group Chairman Chung Eui-sun, whose company operates a local production plant there.
Lee and Lula held their summit for 136 minutes, 46 minutes longer than originally scheduled, and adopted a "Korea-Brazil joint statement" as a result. Lee is the fourth foreign leader to hold a summit with Lula at the presidential residence, following Chinese President Xi Jinping, Indian Prime Minister Narendra Damodardas Modi, and former French President Jacques Chirac. Brazilian presidents usually hold summit meetings in the presidential office.
At the summit, the two sides discussed ways to strengthen cooperation in a wide range of areas, including politics, trade and investment, resources and energy, defense, space and aviation, health and cosmetics, culture and people-to-people exchanges, as well as multilateral issues and the situation on the Korean Peninsula.
In particular, Lee and Lula agreed during the summit that negotiations on a trade agreement between South Korea and MERCOSUR would serve as a key foundation for a new leap forward in bilateral economic cooperation, especially amid growing uncertainty in the global trade environment. Kang Yoo-jung, senior presidential spokesperson at the Blue House, said in a written briefing that the two sides agreed to establish a Korea-Brazil bilateral working group to analyze trade opportunities and sensitivities, with the aim of announcing the resumption of negotiations at the 69th MERCOSUR summit in December. MERCOSUR is South America's largest economic bloc, made up of Brazil, Argentina, the Republic of Paraguay, and the Oriental Republic of Uruguay.
On the occasion of the summit, South Korea and Brazil signed MOUs in five areas: space, sports, education, energy, and industrial technology. Two additional agreements, on film and cybersecurity cooperation, were concluded separately.
Lee asked Lula for special attention and support so that Korean companies can invest and expand their businesses in Brazil with stability. Lula said Korean companies are contributing to Brazil's economic and industrial development, and pledged active support for expanded investment and stable business operations. The two sides also agreed to further broaden defense cooperation, taking advantage of the launch of a bilateral defense committee and the start of talks on an agreement on the protection and exchange of military classified information. Lee said he hopes Korean defense products will lead to mutually beneficial cooperation with Brazil.
The two leaders also showed a close rapport during the joint press briefing. At the photo session, Lula made a finger-heart gesture, and Lee laughed broadly before joining in, creating a warm and friendly atmosphere throughout.
At the state luncheon held to welcome Lee, the two leaders again displayed their special friendship. The meal was prepared by Brazilian chef Mara Sales, and the cover of the menu placed on the table featured a work by designer Lee Jin-hee, an ambassador for Pearl Silk, titled "Christ the Redeemer Hanbok Media Facade," using Rio de Janeiro's Christ the Redeemer statue. It was said that the Brazilian side also showed special hospitality to the Korean delegation by preparing an "Oksa Silk Bojagi" piece inspired by traditional Korean wrapping cloth techniques.
After the joint press briefing, the state luncheon hosted by Lula and his wife followed. At the cultural performance and reception, the Korean song "Sangnoksu" was played, and a stage was also arranged to pray for friendship and solidarity between the two countries.
After finishing his schedule in Brasília, Lee moved to São Paulo and held a luncheon meeting with members of the Korean community on the 28th, listening to their concerns. He then visited the metal workers' union office where Lula had been active in his younger years and continued his economic sales diplomacy at a Korea-Brazil business roundtable attended by business leaders from both countries.
Chairman Chung, who leads Hyundai Motor Group, attended the business roundtable. Earlier, Chung had told Lula that the group plans to invest $1.1 billion in eco-friendly vehicles and future technologies by 2032. Also present were Ryu Jin, chairman of the Federation of Korean Industries; Chang In-hwa, chairman of POSCO Group; Walter Cho, chairman of Korean Air; Park Seung-hee, president of Samsung Electronics; Ryu Jae-cheol, CEO of LG Electronics; Lee Dong-hoon, CEO of SK Biopharmaceuticals; Jung In-sub, president of Hanwha Ocean; Jae-young Moon, CEO of HD Construction Equipment; Choi Soo-yeon, CEO of Naver; and Kim Jong-chul, president of Korea Aerospace Industries (KAI). They discussed cooperation in manufacturing and infrastructure, advanced industries, and consumer goods and distribution.
[email protected] Choi Jong-geun Seong Seok-woo Reporter