Key facts
- South Korea and Argentina signed an MOU to cooperate on the lithium value chain.
- The two nations agreed to strengthen bilateral cooperation on critical minerals.
- South Korea plans to begin importing Argentine crude oil starting next year.
- Negotiations for a free trade agreement between South Korea and the Mercosur trade bloc are set to resume.
- A double taxation avoidance agreement was finalized between the two countries.
South Korean President Lee Jae Myung concluded his visit to Argentina, agreeing with Argentine President Javier Milei to bolster cooperation in critical minerals and energy. The two leaders signed a memorandum of understanding (MOU) to collaborate across the entire lithium value chain, from exploration to mining. This agreement signifies a new era of strategic partnership between the two nations.
Beyond lithium, the countries committed to enhancing cooperation on South Korea's imports of Argentine crude oil, set to commence next year. They also pledged to work towards resuming negotiations for a free trade agreement between South Korea and the South American trade bloc Mercosur. A double taxation avoidance agreement was also finalized, further cementing economic ties.