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President Lee Jae-myung greets Minister of Foreign Affairs Pérez Mackenna, who arrived to welcome him at Arturo Merino Benítez International Airport in Santiago, Chile, on July 29 (local time). / Yonhap News

President Lee Jae-myung, who is on a tour of South America, said on July 29 (local time), "The Korea-Chile Free Trade Agreement (FTA) must evolve to match the changing environment."

According to Argentine news outlet Infobae, President Lee stated in a written interview with EFE News Agency ahead of his visit to Chile that day, "Today's economy is being restructured around digital trade, artificial intelligence (AI), clean technology, resilient supply chains, and the transition to carbon neutrality."

To modernize the Korea-Chile FTA, President Lee emphasized that the two countries must reactivate the Free Trade Commission, push forward with discussions on modernizing the agreement, and enhance the level of economic cooperation by strengthening supply chain collaboration.

He also noted that revising the FTA should encompass areas such as labor standards and gender equality.

During his visit to Chile, President Lee revealed plans for the two nations to sign a memorandum of understanding (MOU) on critical minerals partnerships.

President Lee explained, "The goal is to work together to stabilize global supply chains for critical minerals," adding, "Chile possesses the world's largest reserves of lithium and copper, while South Korea boasts stable demand and advanced industrial infrastructure."

He added, "These complementary strengths of our two countries pave the way to build a competitive supply chain spanning from mineral development and processing to high-tech manufacturing."

                                                                                                             Hong Sun-mi