1. Deputy Minister for Political Affairs Yeo Seung Bae of the Ministry of Foreign Affairs of the Republic of Korea (ROK) held the 12^th Korea-Brazil high-level policy consultation with Secretary for Bilateral Negotiations in Asia, the Pacific and Russia Márcia Donner Abreu of the Federative Republic of Brazil, who is on a visit to the ROK, on October 7. The two sides reviewed the progress made in bilateral relations and discussed ways to promote substantive cooperation, the trade agreement (TA) between the ROK and the Southern Common Market (MERCOSUR) and international and regional issues.

2. The two sides noted with satisfaction that the two countries have developed bilateral relations since the establishment of diplomatic ties in 1959 and, building particularly upon their “comprehensive and cooperative partnership,” have expanded cooperation in a wide range of areas including politics, the economy, science and technology, and information technology, among others.

◦ Deputy Minister Yeo emphasized that Brazil, home to the largest Korean community in Latin America, is the ROK’s important cooperation partner as Brazil is the largest investment destination as well as the second largest trading partner of the ROK in the region. Deputy Minister Yeo welcomed that the two countries have continued high-level exchanges including communication at the presidential level.

3. The two sides appreciated that the two countries have actively promoted cooperation on science and technology, innovation, and digital cooperation in preparation for the Fourth Industrial Revolution era through the recent consecutive visits to Korea by the Minister of Science, Technology, and Innovations and the Minister of Communications of Brazil. The two sides agreed to strengthen bilateral cooperation in digital business including 5G networks and e-commerce.

4. Deputy Minister Yeo stated that the conclusion of a TA between the ROK and MERCOSUR will not only expand trade and investment but also contribute to economic growth and job creation in South America. He asked for the leading role of the Brazilian government, which serves as the Presidency Pro Tempore of MERCOSUR during the second half of this year, for an early conclusion of the TA.

◦ Secretary Abreu mentioned that a Korea-MERCOSUR TA would bring mutually beneficial economic effects to both Korea and MERCOSUR member countries and requested joint cooperation for an early conclusion of the trade agreement between Korea and MERCOSUR.

5. Deputy Minister Yeo mentioned that recently Korean companies won two contracts for the Floating Production Storage and Offloading (FPSO) units in Brazil and asked for the Brazilian government’s interest in Korean companies with excellent technological skills so that they could continuously take part in infrastructure projects for constructing railways and ports as well as offshore plants in Brazil.

6. Deputy Minister Yeo explained the recent political situation on the Korean Peninsula and the ROK’s policy to achieve denuclearization and establish peace on the Korean Peninsula, and asked for the Brazilian government’s cooperation and support. Secretary Abreu appreciated the ROK’s policy and efforts to achieve peace and stability on the Korean Peninsula and reaffirmed Brazil’s willingness to continuously cooperate and provide support.

7. The two sides also noted with satisfaction that the two countries have continued their cooperation including mutual support in elections in international organizations such as the United Nations, and agreed to strengthen cooperation on overcoming the COVID-19 pandemic, responding to future infectious diseases and climate change, and expanding renewable energy.

◦ Meanwhile, Secretary Abreu expressed high interests in the UN Peacekeeping Ministerial, which will take place in Seoul on December 7-8, and promised that she will actively work to ensure a high-level official of Brazil participates in the meeting.

8. Deputy Minister Yeo and Secretary Abreu welcomed that the two countries have reached an agreement on the text for the Exchange of Notes on the Establishment of a Bilateral Working Holiday Program between the ROK and Brazil. The two sides expressed hope that active exchanges through this program would deepen mutual understanding among young people of both countries.

9. The 12^th policy consultation was the first face-to-face diplomatic meeting between Korea and Brazil since the outbreak of COVID-19. It served as an opportunity to discuss ways to further expand substantive cooperation in various fields including trade and investment, science and technology, 5G, and infrastructure as well as digital cooperation.