Santiago: South Korea and Chile have agreed to reactivate their joint free trade agreement committee for the first time in a decade to strengthen bilateral trade and modernize their landmark trade pact, as reported by Yonhap News.
According to Anadolu Agency, the announcement came after summit talks between South Korean President Lee Jae Myung and Chilean President Jose Antonio Kast. Speaking at a joint press conference in Santiago, President Lee highlighted the commitment of both countries to deepen cooperation in trade and investment and update the South Korea-Chile free trade pact, which has been in effect since 2004.
The leaders also reached an agreement to expand cooperation in critical mineral supply chains, defense, infrastructure, public security, and shipbuilding. President Lee emphasized the strategic partnership, noting, "Chile, the world's largest copper producer with the world's largest lithium reserves, is an ideal partner for South Korea, a leader in semiconductors, batteries, and other advanced industries, in establishing critical mineral supply chains."
In support of infrastructure projects, South Korea pledged its backing for Hyundai Engineering and Construction's Chacao Bridge project in Chile and agreed to explore greater investment opportunities in the energy and critical minerals sectors.
The discussions between the two nations also included closer engagement through regional economic blocs, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Pacific Alliance. Beyond economic cooperation, the leaders focused on strengthening collaboration against transnational crime, enhancing maritime security, and expanding cooperation between their police and coast guard agencies.
Cultural exchanges were also on the agenda, with both sides supporting the growing interest in K-pop and South Korean entertainment in Chile. President Lee sought Chile's continued support for efforts to address North Korea's nuclear program and promote peace on the Korean Peninsula. In response, President Kast reaffirmed Chile's commitment to collaborating with Seoul in support of peace and regional security.