Korea, Latin American envoys discuss critical minerals, trade ties

Yeo Han-koo, front row sixth from left, Korea’s trade minister, poses for a photo with Latin American ambassadors during a meeting in Seoul, Wednesday. Courtesy of Ministry of Trade, Industry and Energy

Korea’s trade minister met with ambassadors from 18 Latin American countries on Wednesday to explore ways to deepen economic cooperation, expand free trade networks and strengthen supply chain partnerships in critical minerals.

Yeo Han-koo, head of trade negotiations at the Ministry of Trade, Industry and Energy, hosted the meeting in Seoul with the Latin American ambassadors, including envoys from Mexico, Brazil, Argentina, Chile and Peru. The gathering came as Seoul seeks to broaden its export markets and reduce its heavy reliance on a handful of trading partners.

Latin America, with a population of nearly 690 million and a combined gross domestic product of about $7 trillion, is considered a key region. Korean officials describe it as increasingly important for diversifying supply chains, particularly amid geopolitical competition and the rise of protectionist trade policies.

Korea has free trade agreements with seven Latin American nations, including Chile, Peru and Colombia. On Tuesday, Seoul formally signed a Strategic Economic Cooperation Agreement with Ecuador, and it has completed procedures for Guatemala to accede to the Korea-Central America FTA, along with another as-yet unnamed country.

Yeo told the envoys that the world is undergoing fundamental changes in the multilateral trading system, citing intensifying geopolitical rivalries and the spread of protectionism. He urged both sides to move quickly to expand trade and investment ties.

He also underscored Latin America’s vast reserves of lithium, nickel, copper and graphite, calling the region a “treasure house” of critical minerals. With Korea’s competitive edge in electric vehicles, batteries and semiconductors, Yeo said closer supply chain cooperation would benefit both sides.

Looking ahead, Yeo asked for Latin American support as Korea serves as chair of the Asia-Pacific Economic Cooperation forum this year. He said Seoul plans to lead discussions on artificial intelligence, demographic changes and other global challenges while hosting major business gatherings, including the APEC CEO Summit, aimed at strengthening international economic networks.