By Diplomacy Journal Lee Kap-soo

Minister for Trade Yeo Han-koo met with ambassadors from 18 member states of the Group of Latin America and the Caribbean (GRULAC) in Seoul on September 3, to discuss the global trade environment and explore ways to strengthen economic and trade cooperation between Korea and GRULAC. Attendees included ambassadors from Mexico, Brazil, Argentina, Chile, and Peru.

During the meeting, Trade Minister Yeo stated that the multilateral trading system was facing a fundamental challenge amid intensifying geopolitical competition and rising protectionism. He stressed the need to actively expand trade networks with GRULAC members to respond to these shifts.

With a population of nearly 690 million and GDP of around USD 7 trillion, Latin America and the Caribbean (LAC) represent a core part of the Global South and a key market for Korea to diversify exports and reduce regional dependency. Korea currently has free trade agreements (FTAs) with seven GRULAC members, including Chile, Peru, and Colombia.

Additionally, it formally signed the Strategic Economic Cooperation Agreement with Ecuador on September 2 and the Protocol on the Accession of Guatemala to the Korea-Central America FTA in January 2024. Both agreements will enter into force following completion of remaining procedures, including ratification by the National Assembly.

Minister Yeo also highlighted that LAC is a major source of critical minerals such as lithium, nickel, copper, and graphite. Given Korea’s strengths in advanced manufacturing technologies for electric vehicles, batteries, and semiconductors, he emphasized the importance of strengthening supply chain cooperation between Korea and the region.

Furthermore, Minister Yeo added that as Chair of APEC 2025, Korea aims to achieve meaningful outcomes on global issues such as AI cooperation and demographic change. He noted that Korea will also host a series of business events, including the APEC CEO Summit Korea 2025, to promote exchange and collaboration among global business leaders. He requested active interest and support from GRULAC members to help ensure the successful hosting of APEC 2025.