President Lee Says Korea-Chile FTA Must Evolve to Reflect Reality; Summit Set for the 30th

 [Financial News, Santiago, Chile = Reporter Choi Jong-geun]President Lee Jae-myung arrived in Santiago, Chile, on the 29th (local time) after completing his state visit to Brazil. He is scheduled to meet with President José Antonio Kast, who took office this year, on the 30th.
Lee will begin his official visit to Chile with a dinner meeting with the Korean community that evening. On the 30th, he will lay a wreath at the statue of national hero O'Higgins, attend an official welcome ceremony at La Moneda Palace, and then hold a summit, sign memorandums of understanding, deliver a joint press statement, and attend an official luncheon.
In the afternoon, he will attend the Korea-Chile Business Roundtable. Participants will include OCI Chairman Lee Woo-hyun, POSCO Chairman Chang In-hwa, LS Group Chairman Koo Ja-eun, and Korea Zinc Chairman Choi Yoon-bum.
In a written interview with EFE news agency released before his visit to Chile, Lee said, "Today’s economy is being reshaped around digital trade, Artificial Intelligence (AI), clean technology, resilient supply chains, and the transition to carbon neutrality." He added, "The Korea-Chile Free Trade Agreement (FTA) must evolve to reflect these new realities."
He meant that the FTA should be revised in step with changing conditions. Earlier, Wi Sung-lac, Director of the Office of National Security, also said, "With Chile, our first FTA partner, we will discuss FTA modernization." He added, "Through this, we expect to significantly expand trade with these countries and support Korean companies in broadening their presence in the South American market." The Korea-Chile FTA took effect in 2004, meaning it has been in force for more than 20 years. As a result, the two countries are negotiating further modernization measures to align the agreement with the latest FTA trends.
Lee said the two countries aim to take their economic partnership to the next level by resuming the Korea-Chile FTA Joint Committee, advancing discussions on modernizing the agreement, and strengthening cooperation in resilient supply chains.
He also explained that the modernization effort is not limited to revising trade rules. Its purpose, he said, is to create business opportunities, support innovation, and deepen cooperation in emerging industries.
Lee said the two countries will sign a memorandum of understanding on a mineral resources partnership during the visit. He added, "The goal is to work together to stabilize the global supply chain for critical minerals," noting that Chile holds the world’s largest reserves of lithium and copper, while Korea has stable demand and a strong advanced industrial base.
Lee said these strengths would serve as a foundation for building a competitive value chain, from mineral development and processing to advanced manufacturing. He added that the visit would also expand cooperation in areas where the two countries have "complementary strengths," including infrastructure, the defense industry, public safety, and maritime security.[email protected] Choi Jong-geun Reporter