Brazil and South Korea Sign Multifaceted Cooperation Agreements During Lula's State Visit

Kathmandu. During Brazilian President Luiz Inácio Lula da Silva's state visit to South Korea, Lula and South Korean leader Lee Jae-myung signed multifaceted agreements in Seoul covering areas from agriculture to trade cooperation.

Lee issued a memorandum of understanding to promote regulatory cooperation in the health sector, which is expected to reduce barriers for K-beauty skincare products exported to South America. Following the agreement, Lee stated that K-beauty products "will be even more accessible to Brazilian consumers."

South Korea has emerged as a major producer in the global beauty processing industry, reportedly exporting billions of dollars worth of skincare products every year.

Similarly, Brazil is one of the largest markets for beauty products in the world. Speaking at a joint press conference, Lee mentioned that annual trade between the two countries has exceeded $10 billion.

Lee also stated that Brazil and South Korea have agreed to elevate bilateral relations to a strategic partnership. Before the summit, Lee praised Lula's resilience, noting that both reached the top agreement after difficult starts.

Lula was jailed in 2018 on corruption charges but was released after the judge was found to be biased. Lee's office reportedly welcomed Lula and his wife Rosangela with a colorful cake depicting the couple.

Brazil is South Korea's largest trading partner in South America.