Korea-Chile Summit: Seeking FTA Improvement Talks, Strengthening Minerals and Energy Cooperation [Gyeongju APEC]

Discussions on Improving the Korea-Chile FTA
"Seeking Mutually Beneficial Solutions"
Synergy Expected from Combining Korea's Manufacturing with Chile's Energy and Mineral Resources

On the occasion of the 2025 Asia-Pacific Economic Cooperation (APEC) Summit on October 31, President Lee Jaemyung met with President Gabriel Boric Font of Chile, who was visiting Korea, and the two leaders agreed to further strengthen cooperation and exchanges in key minerals, energy, and cultural industries.

President Lee Jae-myung is guiding the seat after a commemorative photo at the summit meeting with Gabriel Boric, President of Chile, held on the 31st at the Gyeongju Hwabaek Convention Center in Gyeongbuk, the venue for the APEC Summit. Photo by Yonhap News

In the afternoon, at the bilateral meeting room of the Gyeongju Hwabaek Convention Center (HICO) in Gyeongbuk, President Lee met with President Boric and stated, "Chile has maintained a cooperative relationship with the Republic of Korea in many aspects for a very long time. Chile was the first country to recognize the Republic of Korea and the first to sign a Free Trade Agreement (FTA) with us, which makes our relationship special."

President Lee added, "I hope that this visit will serve as an opportunity for the relationship between our two countries to grow even larger and deeper."

President Boric responded, "Chile feels that Korea is a very close country to us, because Korea serves as a model for us in terms of restoring democracy."

President Boric also said, "Chile is strongly committed to improving the FTA with Korea. Although there have been negotiations between our two countries, they are currently at a standstill."

He continued, "Korea and Chile are also very close culturally. Recently, author Han Kang won the Nobel Prize in Literature, and the achievements of K-pop are truly remarkable. I would also like to emphasize how K-pop has captivated the hearts of our young people."

Kim Namjun, spokesperson for the Office of the President, stated in a written briefing, "President Lee noted that Chile was Korea's first FTA partner and is the third-largest trading partner in Latin America, and proposed that both countries seek mutually beneficial solutions in FTA improvement negotiations."

He further explained, "During discussions on cooperation in key minerals and renewable energy, the two leaders agreed that combining Korea's manufacturing technology with Chile's abundant energy and mineral resources could generate significant synergy. They also agreed to expand cooperation and exchanges in the cultural industries."

Spokesperson Kim added, "The two leaders also agreed to strengthen cooperation on the international stage, including at APEC and the United Nations, and to work closely together so that both countries can co-host the 4th United Nations Ocean Conference in December 2028 at the upcoming UN General Assembly."

He continued, "President Lee explained the government's E.N.D. Initiative for easing tensions and restoring trust between South and North Korea, and requested Chile's continued interest and support. The two leaders agreed to further develop the Korea-Chile strategic partnership as a result of this summit."