Yeo Han-koo, Minister for Trade of the Ministry of Trade, Industry and Energy, met with ambassadors from Latin American countries in Seoul on September 3 to discuss ways to strengthen economic and trade cooperation.

The delegation, led by Chilean Ambassador to Korea Mathias Francke, consisted of ambassadors from 18 Latin American countries, including Mexico, Brazil, Argentina, and Peru.

Minister Yeo highlighted Latin America's role as a treasure trove of key minerals such as lithium, nickel, copper, and graphite, essential for modern industries. He proposed that the two regions should strengthen their cooperation in the key minerals sector, leveraging Korea's advanced manufacturing capabilities in areas like electric vehicles, batteries, and semiconductors.

The minister also requested their support and interest for the successful hosting of the upcoming Asia-Pacific Economic Cooperation (APEC) meeting in Gyeongju next month.

Latin America is a massive market with a population of approximately 690 million and a GDP of around $7 trillion. It is considered a key region of the Global South that Korea should focus on to diversify its trade relationships.

Currently, Korea has Free Trade Agreements (FTAs) with seven of the 18 countries represented in the delegation, including Chile, Peru, and Colombia. The previous day, Korea signed a Strategic Economic Cooperation Agreement (SECA), a type of FTA, with Ecuador. The agreement will take effect after ratification by the parliaments of both countries.