Abu dhabi: The Republic of Korea and Argentina have reached an agreement to enhance their strategic cooperation in the field of critical minerals, specifically focusing on joint projects along the entire lithium value chain. This was formalized through a Memorandum of Understanding (MoU) signed during a bilateral summit between Korean President Lee Jae Myung and Argentine President Javier Milei.
According to Emirates News Agency, under the terms of the MoU, both nations will exchange information regarding their respective policies on critical minerals and related investment systems. This collaboration aims to promote bilateral corporate investment and execute joint projects covering the exploration and mining phases of the lithium value chain. National Security Adviser Wi Sung-lac highlighted that the agreement also includes provisions for ensuring stable exports of Argentine crude oil to Korea. Korea is set to begin importing Argentine crude oil next year, following a pilot shipment conducted earlier this year.
The agreement signifies a commitment to expand energy cooperation further, encompassing natural gas and nuclear energy sectors. Additionally, both countries will jointly explore more opportunities for expanded cooperation in these areas. There is also a mutual understanding to work towards the quick resumption of negotiations on a free trade agreement between Korea and the South American trade bloc Mercosur.