South Korea and Brazil have reached a new agreement covering key minerals and artificial intelligence.

South Korean President Lee Jae-myung and Brazilian President Lula reached a series of new agreements covering key minerals and artificial intelligence, among other areas, while promoting expanded bilateral cooperation. This marks the first official visit to South Korea by the South American leader in 21 years. Lee Jae-myung stated, "Today will go down in history, signaling a new step forward in our bilateral relationship." The two leaders agreed to elevate their countries' relationship to a "strategic partnership" and to strengthen cooperation in trade, cultural exchange, and aviation, among other areas. Lee Jae-myung said, "Future cooperation between our two countries will reach a higher level, including joint development of the next generation of commercial aircraft." After the summit, South Korea and Brazil signed 10 memoranda of understanding, covering key minerals and artificial intelligence, among other areas. Brazil has the world's second largest reserves of rare earth minerals, while South Korea's Samsung Electronics and SK Hynix are the two largest semiconductor manufacturers in the world.