Korea and Brazil to Establish High-Level Economic and Trade Relations Committee, Launch New Economic and Financial Dialogue

Korea-Brazil Summit Held on the 23rd
10 MOUs and Agreements Signed on Trade and Other Areas
Comprehensive Cooperation Planned in the Agricultural Sector
Stronger Foundation Expected for K-Beauty Expansion

President Lee Jaemyung and President Luiz Inacio Lula da Silva of Brazil are posing for a commemorative photo at an expanded summit meeting held at Cheong Wa Dae on the 23rd. Yonhap News

On the 23rd, President Lee Jaemyung held a summit with Brazilian President Luiz Inacio Lula da Silva and signed 10 Memorandums of Understanding (MOUs) and agreements covering comprehensive cooperation in areas such as trade, economy, science and technology, agriculture, health, small and medium-sized enterprises, and public security.

The agreements and MOUs signed on this day are as follows: a Trade and Production Integration Agreement; an Economic and Financial Dialogue MOU; a Science and Technology Cooperation MOU; an Agricultural Cooperation MOU; a Health Cooperation MOU; an SME and Entrepreneurship Cooperation MOU; a Regulatory Cooperation MOU in the Field of Health-Related Products; an MOU on Cooperation to Simplify Pesticide Registration and Licensing Procedures; an Agricultural Technology Cooperation MOU; and an MOU on Strengthening Public Security Cooperation.

The Trade and Production Integration Agreement provides for the establishment of a High-Level Committee on Economic and Trade Relations, to be co-chaired by the foreign ministries and trade ministries of both countries. Its goal is to promote cooperation in areas such as industry and technology, agriculture, sanitary and phytosanitary measures, critical minerals, and artificial intelligence (AI). Through the Economic and Financial Dialogue MOU, a Korea-Brazil Economic and Financial Dialogue will also be newly established, with vice-minister-level officials serving as chief delegates. Through this, the two countries plan to cooperate in multilateral forums and coordinate their macroeconomic policies.

In the agricultural sector, three MOUs were signed. The two countries agreed to operate an Agricultural Cooperation Committee and to cooperate comprehensively in agri-food areas such as food security, supply chains, and infrastructure. They also plan to exchange information on pesticide testing methods, registration standards, safety, efficacy evaluation systems, and current management practices, and to cooperate in the related industries. The intent is to simplify Brazil's pesticide licensing procedures and thereby support Korean pesticide companies in entering the Brazilian market. An MOU was also concluded to secure a South American demonstration research hub for Korean agricultural technology.

President Lee Jaemyung is speaking at a joint press statement with Brazilian President Luiz Inacio Lula da Silva at the Blue House on the 23rd. Yonhap News

A package of regulatory cooperation was also included. In the health sector, this covers the exchange of regulatory information on health products such as food, pharmaceuticals, medical devices, and cosmetics; the promotion of regulatory reliance pathways; technical exchanges related to the introduction of cosmetics systems; and cooperation on regulatory harmonization. The government expects this to strengthen the foundation for K-beauty and medical products to enter the South American market.

In the field of science and technology, the two sides agreed to expand policy sharing and personnel exchanges, focusing on biotechnology and digital transformation. In the area of small and medium-sized enterprises and startups, they agreed to support joint market entry through policy exchanges and information sharing, increased participation in exhibitions and fairs hosted by both countries, and exchanges of digital transformation technologies. In addition, an MOU on public security was signed to respond to transnational crime.

The government attaches significance to the fact that the signing of these 10 MOUs and agreements has led to the multi-layered establishment of high-level dialogue channels between the two countries and has created an implementation base for cooperation in areas such as critical minerals, AI, agri-food, biohealth, regulatory harmonization, and public security coordination. It plans to accelerate follow-up measures.