1. Minister of Foreign Affairs Chung Eui-yong met with Minister of Foreign Affairs of the Republic of Chile Andrés Allamand, who is on a visit to the Republic of Korea, on July 21 and exchanged views on issues of mutual interest, including Korea-Chile relations, negotiations to upgrade the Korea-Chile FTA, Korea’s accession to the Pacific Alliance (PA) as its associated member, and green hydrogen and digital cooperation.

2. Minister Chung noted with appreciation that Chile was Korea’s first FTA partner and the two countries have seen remarkable achievement in strengthening bilateral relations and upholding universal values such as democracy and human rights based on close communication between their two leaders, including Chilean President Sebastián Piñera’s state visit to Korea in April 2019 and the telephone conversation between the two presidents in October last year.

° Minister Allamand mentioned that he made a visit exclusively to Korea despite the COVID-19 situation to strengthen cooperation with Korea and voiced hope to enhance mutual understanding and increase people-to-people exchanges including high-level exchanges on the occasion of the 60th anniversary of the establishment of diplomatic relations next year.

3. Minister Chung noted with satisfaction that bilateral trade and investment have expanded, with a nearly threefold increase in the total trade volume (from $1.57 billion in 2003 to $4.39 billion in 2020) since the Korea-Chile FTA came into effect in 2004, and requested the Chilean government’s cooperation for Korea’s accession to the PA as an associated member.

° Minister Allamand welcomed that Korea has become Chile’s key trading partner thanks to the Korea-Chile FTA and requested Korea’s cooperation for the negotiations on upgrading the Korea-Chile FTA to meet the changed international economic environment. Minister Allamand also reaffirmed the support of the Chilean government for Korea’s accession to the PA as an associated member.

° Minister Allamand also mentioned that regarding Korea’s accession to the PA as an associated member, Chile would consult with other members as former chairing country so that accession negotiations could begin as early as next year.

4. The two foreign ministers agreed to strengthen substantive cooperation in diverse areas such as climate change, green hydrogen economy, infrastructure, digital economy, and Antarctic cooperation. In particular, they agreed to further increase cooperation to create links between Korea’s Green and Digital New Deal and Chile’s Green Recovery and Digital Transformation, taking advantage of potential for cooperation that can be pursued under the two initiatives.

° Minister Allamand explained that the Chilean government is working to implement a green hydrogen economy based on Chile’s abundant renewable energy including solar and wind power and stated the need to create synergy with Korea’s outstanding technology such as hydrogen cars and hydrogen fuel cell.

5. Minister Chung explained the current situation on the Korean Peninsula and requested the Chilean government’s support for the Korean government’s efforts to establish permanent peace on the Korean Peninsula. Minister Chung also stated Korea’s willingness to expand cooperation with Latin American and Caribbean countries that has been shown through a series of summits, including the latest Korea-U.S. summit on May 21, the Korea-Spain summit on June 16, and the Korea-SICA summit on June 25.

° Minister Allamand reaffirmed the will of the Chilean government to support the Korean Peninsula peace process. Minister Allamand also explained the difficult political and economic situation in the Latin American and Caribbean region under the COVID-19 circumstance and appreciated Korea’s contribution to regional stability.