South Korea Chile FTA modernization talks
Analysis based on 7 articles · First reported Jul 30, 2026 · Last updated Jul 31, 2026
The agreement to modernize the FTA and cooperate on critical minerals is expected to boost bilateral trade and investment, particularly benefiting South Korean battery and semiconductor firms and Chilean mining exports. Hyundai Engineering and Construction's Chacao Bridge project receives government backing, potentially enhancing its infrastructure portfolio.
South Korean President Lee Jae Myung and Chilean President José Antonio Kast held a summit in Santiago on July 30, 2026, agreeing to reactivate the joint FTA committee after 10 years to modernize the South Korea-Chile Free Trade Agreement, which has been in effect since 2004. The leaders also signed five MOUs covering cooperation in critical mineral supply chains (lithium, copper), support for Hyundai Engineering and Construction's Chacao Bridge project, defense industry and shipbuilding, public security, and cultural exchanges. They discussed cooperation within CPTPP and Pacific Alliance, and Lee requested Chile's support on North Korea issues, which Kast affirmed. The summit was part of Lee's three-nation South America tour, including Brazil and Argentina.
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