President Lee Jae Myung and Brazilian President Luiz Inacio Lula da Silva agreed to elevate bilateral ties during their summit on Monday and expand bilateral cooperation in the economy, space, the defense industry, critical minerals, and other areas. They agreed to elevate the bilateral relations to a strategic partnership and adopted a four-year action plan to boost politics, the economy, practical cooperation, and people-to-people exchanges. Lee emphasized the need to resume negotiations for a trade agreement between South Korea and Mercosur, with Lula sharing the consensus that the trade pact is urgent. Ten memorandums of understanding were signed to promote trade, investment, science, technology, agriculture, healthcare, and more.