The leaders of South Korea and Brazil have met at the presidential compound of Cheong Wa Dae and agreed to bolster bilateral economic cooperation.

According to a joint press statement issued after Monday’s summit, President Lee Jae Myung and Brazilian President Luiz Inácio Lula da Silva agreed to elevate ties between the two countries to a strategic partnership and adopted a four-year action plan for its implementation.

The leaders said they intend to use the action plan as a road map for cooperation across a comprehensive range of areas including politics, economic matters, practical cooperation, and people-to-people exchanges.

Lee and Lula agreed to work for a breakthrough in talks toward a trade agreement between South Korea and South America’s Mercosur trade bloc, of which Brazil is one of the four founding members, based on mutual trust. 

Lee also outlined Seoul’s resolve to resume cooperation with North Korea and to seek a future of peaceful coexistence and shared growth, after which both leaders recognized the impact of peace on the Korean Peninsula around the world and decided to closely discuss regional and global security issues.