During President Lee Jae-myung's state visit to Brazil, a high-level dedicated channel was activated to coordinate economic cooperation issues between the two countries. A new arena for economic cooperation has been opened under the ambitious goal of "doubling bilateral trade within two years" proposed by Brazilian President Lula.

On July 27 (local time), during a briefing, Kim Yong-beom, director of the Presidential Office's Policy Coordination Bureau, and Geraldo Alckmin, vice president of Brazil, agreed to take charge of coordinating economic cooperation issues between the two countries. This was realized when President Lula accepted President Lee Jae-myung's proposal, and with Vice President Alckmin, Brazil's de facto second-in-command, taking a leading role, the status of the cooperation channel has been elevated to equal footing with Korea's director of the Presidential Office's Policy Coordination Bureau.

The operation of this dedicated channel, which reflects the strong will of both leaders, is interpreted as a commitment to establishing an economic partnership relationship befitting the relationship President Lee Jae-myung described as "Korea and Brazil are like brothers." In particular, President Lula presented the specific goal of doubling trade volume within two years, revealing a strong desire for economic cooperation with Korea.

[Photo=Yonhapnews]

The dedicated personnel have set the resumption of Korea-MERCOSUR (South American Common Market) trade agreement negotiations as the top priority agenda. Additionally, key agenda items for discussion will include defense industry, aerospace, and critical minerals cooperation such as rare earth elements. The establishment of a platform to resolve corporate difficulties will also be addressed as a major area of cooperation.

However, regarding the sensitive issue of agricultural and livestock product market opening, the plan is to proceed carefully while adhering to international principles such as an 8-step import risk analysis procedure. The Korean government plans to dispatch an inspection team from the Ministry of Agriculture, Food and Rural Affairs to Brazil in August to closely examine the local situation and dispel concerns from the domestic agricultural and livestock industry.

The two countries plan to closely coordinate through the dedicated channel with the goal of announcing the resumption of Korea-MERCOSUR trade agreement negotiations on the occasion of the MERCOSUR summit in December. The establishment of this high-level dedicated channel is expected to serve as a positive turning point that will significantly accelerate economic cooperation between the two countries. In particular, the emphasis on adhering to principles regarding agricultural and livestock product market opening suggests the Korean government's commitment to securing trust in cooperation between the two countries.