South Korea and Argentina Strengthen Ties on Critical Minerals and Energy

South Korean President Lee Jae Myung and Argentine President Javier Milei met in Buenos Aires on Friday to establish a new era of bilateral cooperation focused on critical minerals and energy. The two leaders signed a memorandum of understanding to enhance collaboration across the lithium value chain, including exploration and mining. The agreement also includes sharing information on investment systems and promoting corporate investment in critical minerals. South Korea will begin regular imports of Argentine crude oil next year to diversify its energy sources and reduce reliance on the Middle East, a move described as a safeguard against geopolitical risks such as the closure of the Strait of Hormuz. The two nations also finalized a double taxation avoidance agreement to reduce the financial burden on South Korean firms operating in Argentina. Additionally, the leaders discussed resuming free trade agreement negotiations between South Korea and the Mercosur trade bloc. President Lee's visit to Argentina was the final stop of a three nation tour of South America that included meetings with President Luiz Inacio Lula da Silva of Brazil and President Jose Antonio Kast of Chile. The leaders also identified opportunities for cooperation in artificial intelligence, nuclear energy, natural gas, and cultural services.