Brazilian President Luiz Inacio Lula da Silva speaks during the Korea-Brazil Business Forum in Seoul, South Korea, on Feb. 23, 2026. Photo: CFP

By Brasil 247 - Brazilian President Luiz Inácio Lula da Silva said Brazil and South Korea are in a favorable moment to deepen cooperation in strategic areas and expand bilateral trade, speaking to the press on Feb 24 in Seoul. The information was published by Brasil 247, based on details released by Brazil's federal government portal, which outlined the commitments of Lula's third visit to South Korea.

Lula argued that the two economies are complementary and defended strengthening ties in sectors such as technology, energy transition and critical minerals. He highlighted opportunities for exchanging experiences and capabilities between the two countries.

"We need to learn a lot from South Korea, like technological sophistication. And they have many things to learn from us, especially on energy transition policy, on the discussion of critical minerals, of rare earths. I think this partnership will grow a lot," Lula said.

According to Lula, current bilateral trade of around US$11 billion does not reflect the size of the two economies. He noted that South Korea is Brazil's fourth-largest trading partner in Asia and signaled an intention to increase the volume of business.

"We have today a trade of 11 billion dollars, which is very little for the sizes of Brazil and South Korea. We are going to make this number grow. And I think the trade relationship between Brazil and South Korea will grow a lot," he said.

The trip took place at the invitation of South Korean President Lee Jae Myung. Lula said the visit was also driven by political affinity between the two leaders, recalling their first meeting in Canada.

"My coming to South Korea is due to the fact that there is an elected president who has a very similar story to mine. We met for the first time in Canada, a chemistry emerged between the two of us, and I said I would go to Korea," Lula said.

In Seoul, Lula also attended the closing ceremony of the Brazil-South Korea Business Forum. At the event, agreements were signed in areas including agriculture, technology, pharmaceutical production, and the expansion of cultural and educational exchanges.

South Korea-Mercosur talks could resume this year

Lula also addressed South Korea's intention to resume negotiations for a trade agreement with Mercosur, which have been suspended since 2021. He framed the issue as strategically important amid international debates about the return of unilateralism.

"This agreement has been stalled since 2021. I reminded him [Lee Jae-Myung, President of South Korea] that it was very important, at this moment when the return of unilateralism is being discussed, that we return to discussing this agreement. He showed great interest. We will set up the commissions to begin debating and, if everything goes well, we can conclude these agreements this year," Lula said.

Next stop: United Arab Emirates

After concluding his schedule in Seoul, Lula said he will travel to Abu Dhabi, the capital of the United Arab Emirates, where he is set to meet President Mohammed bin Zayed Al Nahyan. He said the focus will be on deepening commercial and political relations between the two countries.

"I will discuss the commercial and political relationship between Brazil and the Emirates. I think we are not needing war, we are needing peace. We are needing investment and development, which is what will improve the people's lives," Lula said.

(Reported by Brasil 247 on Feb 24, 2026)