Lee, Chile Discuss Cooperation in CPTPP and Other Economic Blocs

President Lee Jae-myung and Chilean President Jose Antonio Kast exchange greetings after a joint press announcement at the presidential palace in Santiago on the 30th (local time). Newsis

President Lee Jae-myung said on the 30th that the two countries “exchanged in-depth views on cooperation measures in major economic blocs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Pacific Alliance (PA) and the Digital Economy Partnership Agreement (DEPA),” in a joint press statement outlining the outcomes of the Korea-Chile summit. Chile is among the countries that founded or led these blocs, and observers say the South American tour marks the start of expanding Korea’s economic territory across the entire Trans-Pacific region.

Lee held a summit with Chilean President Jose Antonio Kast at the presidential palace in Santiago, the Chilean capital, that day. There, the two leaders signed five memorandums of understanding (MOUs), including a mineral resources partnership MOU. The mineral resources MOU established a foundation for institutionalizing cooperation on supply chains for critical minerals such as lithium and copper. The two sides also agreed to pursue modernization of the Korea-Chile free trade agreement (FTA) and to reactivate the FTA Free Trade Commission after 10 years. Lee’s visit to Chile is the first by a sitting Korean president in 11 years.

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Industry and Trade Minister Kim Jung-kwan and Chilean Mining Minister Daniel Mas Valdes pose for a photo after signing a memorandum of understanding on a mineral resources partnership at the presidential palace in Santiago on the 30th (local time), with President Lee Jae-myung and President Jose Antonio Kast in attendance. Newsis

In the joint press statement, Lee said, “The two countries agreed to further expand trade and investment cooperation for shared growth,” confirming the reactivation of the Korea-Chile FTA Free Trade Commission. He added, “We agreed to consult on ways to enhance the two countries’ trade relations, including improvements to the mutually beneficial Korea-Chile FTA,” and said, “Based on the investment cooperation MOU we signed, we agreed to actively support efforts to discover investment opportunities and promote exchanges between companies of both countries in strategic sectors such as critical minerals and energy.”

In particular, the two leaders exchanged views on cooperation measures through economic blocs such as the CPTPP, PA and DEPA, appearing to explore the possibility of Korea’s future accession. Observers say the South American tour marks the start of expanding Korea’s economic territory across the entire Trans-Pacific region.

The two countries also agreed to expand cooperation centered on areas of “complementary strengths,” including infrastructure, the defense industry, public safety, maritime safety, digital transformation and science and technology. They agreed to establish a close cooperation framework for the successful hosting of the 4th UN Ocean Conference, to be co-hosted by Korea and Chile in 2028, and the 2032 Chile APEC summit. Lee said, “The 4th UN Ocean Conference, which the two countries will co-host, is expected to be an important venue for gathering the international community’s consensus on ocean governance, including the conservation of marine environments and resources and their sustainable use.”

Finally, Lee said, “I hope that Korea and Chile, as true friends and ‘Amigos,’ will join hands and open a better future for both countries together,” and invited President Kast to Korea.

President Lee Jae-myung, on an official visit to Chile, poses for a commemorative photo with President Jose Antonio Kast before the start of a small-group meeting at the presidential palace in Santiago on the 30th (local time). Reporter Kwon Wook