Brasilia, July 28, 2026 (Lusa) - Brazil and South Korea have announced the creation of a working group to take forward the Mercosur agreement with South Korea and to sign memoranda of cooperation in areas such as industrial technologies and energy.
The announcement came during South Korean President Lee Jae-myung's visit to Brazil, where he was received at the Alvorada Palace in Brasília by his Brazilian counterpart, Lula da Silva on Monday.
The two heads of state signed memoranda of cooperation in the fields of industrial and aerospace technologies, energy, critical minerals, semiconductors, sport, education and cinema.
In his speech, Lula da Silva emphasised that the working group will be coordinated by the Brazilian Vice-President, Geraldo Alckmin, whilst Lee will appoint a trusted representative to speed up the negotiations.
Lula stated that the aim is to identify the sensitivities on both sides and «prevent them from becoming an obstacle to the resumption of negotiations» for a trade agreement between Mercosur and South Korea.
He also pointed out that bilateral trade with South Korea reached around $11 billion in 2025 (€9.66 billion), but considered this figure to be low given the size of the two economies.
«Following today's meeting, next year's trade balance will be much higher than US$11 billion,» said the Brazilian head of state.
He added that Brazil exported nearly $2.5 billion (€2.19 billion) worth of agricultural and livestock products to South Korea in 2025.
Seoul has committed to sending a veterinary mission to Brazil next month.
According to Lula, the visit will represent a decisive step towards enabling the Brazilian meat slaughtering and processing industry to gain access to the South Korean market.
The Brazilian President also praised the South Korean Air Force's selection of Embraer's C-390 Millennium military aircraft and noted that a new launch by the South Korean company Innospace is due to take place in September, from the Alcântara Space Centre in Maranhão.
In his speech, Lula also emphasised that Brazil and South Korea share a commitment to multilateralism, the fight against poverty and the defence of democracy, arguing that «peace and development do not arise from imposition, but from cooperation».
«We know that education, work and democracy can change the destiny of a person and a country. We have both stood up for our democracies in the face of attacks from extremist groups,» he emphasised.
Lee Jae-myung, for his part, highlighted the importance of bilateral cooperation and stated that the two countries will work together throughout the entire life cycle of critical minerals and in the supply chain.
«Through this agreement, we will create a stable supply base, strengthening mutual cooperation in a mutually beneficial way,» he explained.
«I reiterate the Korean government's firm belief that peace is essential for security, without the need for conflict or war, and President Lula agrees with us on this point,» he emphasised.
Faced with global uncertainty, Lee Jae-myung stated that the agreement between Mercosur and South Korea «will open up new horizons» for both sides.
«At a time when there is so much uncertainty in the trade arena, our trade agreement between Brazil and South Korea cannot wait. It is needed now,» he emphasised.
Lula is hosting Lee Jae-myung at a time when Brazil is seeking to expand its markets in the face of US tariff policies and the effects of the war in the Middle East.
In a statement, the Brazilian Ministry of Foreign Affairs reported that, in 2025, South Korea was Brazil's fourth-largest trading partner in Asia and the fifth-largest destination for Brazilian exports to the region.
Seoul is the 19th largest foreign investor in Brazil.
Brazilian exports are mainly concentrated in oil, iron ore, pulp, soya and meat, whilst imports from South Korea consist mostly of electronic products, semiconductors, machinery, vehicles and car parts.
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