Feb 23, Kathmandu - During his official visit to South Korea, Brazilian President Luiz Inácio Lula da Silva and South Korean leader Lee Jae Myung signed a series of comprehensive agreements covering agriculture, trade, and regulatory cooperation. The agreements aim to strengthen bilateral relations and expand economic ties between the two nations.

In a move to promote health sector collaboration, South Korea announced the signing of a Memorandum of Understanding to facilitate regulatory cooperation. This development is expected to reduce barriers for K-beauty skincare products exported to South America, making them more accessible to Brazilian consumers.

South Korea, a global leader in the beauty industry, exports billions of dollars worth of skincare products annually. Brazil, on the other hand, is recognized as the largest market for beauty products worldwide.

During a joint press conference, Lee highlighted that bilateral trade between the two countries has surpassed $10 billion annually. Both nations also agreed to elevate their relationship to a strategic partnership, signaling stronger economic and diplomatic ties.

Lee praised Lula’s leadership, noting the remarkable journey from a challenging start—Lula’s imprisonment in 2018 on corruption charges, later overturned due to judicial bias—to reaching this high-level summit and signing significant agreements.

The South Korean leader’s office warmly welcomed Lula and his wife Rosângela with a colorful cake, symbolizing friendship and cooperation.

South Korea remains South America’s biggest trading partner for Brazil, underscoring the importance of this burgeoning relationship.