Yoon stresses Latin America’s ‘strategic importance’, seeks closer ties

South Korean President Yoon Suk-yeol has highlighted the growing “strategic importance” of Latin America ahead of upcoming summits for the Asia-Pacific Economic Cooperation (APEC) Forum in Peru and the G20, which will be held in Brazil.

Yoon will seek to foster closer ties with the region and defend “free and open world trade,” he told EFE in a written interview.

The summits in Peru and Brazil are part of Yoon’s first official trip to Latin America since he became president of Asia’s fourth-largest economy in May 2022.

His visit, which starts on Thursday in Lima, “is highly significant in the expansion of Korea’s vision as a ‘Global Pivotal State’ towards the Latin American region,” the South Korean president said.

Becoming a “global pivotal state” is the South Korean government’s diplomatic goal of taking on a more active role “in accordance with its international status”.

Based on this strategy, Seoul is “deepening its economic and security cooperation at multiple levels” not only with its main ally the United States, but also with other Asia-Pacific partners, members of the G7, the European Union and Nato, Yoon said.

Diplomatic, economic focus on Latin Amrica

Seoul’s focus includes “strengthening its mutually beneficial partnerships with other regions of the world, including the Global South,” and in particular, Latin America, the South Korean president said.

“The recent rise of protectionism and worsening instability in global supply chains has increased the strategic importance of Latin America, which has abundant resources,” said Yoon, who also highlighted his country’s deep-rooted ties of friendship with the region.

Seoul currently has bilateral Free Trade Agreements (FTAs) with Chile, Peru and Colombia, as well as a regional FTA with five Central American nations.

Numerous South Korean companies are also involved in infrastructure projects in Latin America, in addition to operating in other sectors such as renewables, biopharmaceuticals and aerospace.

“In this context, I am confident that my visit to Latin America will be an important opportunity to strengthen and deepen our relations with Latin American countries,” said Yoon, who also highlighted Seoul’s development cooperation in the region.

In the case of APEC host Peru, Yoon plans to meet with President Dina Boluarte to “reinforce” the Comprehensive Strategic Partnership agreed in 2012 and “discuss important bilateral infrastructure and defense projects.”

“In addition, I hope to meet with other leaders from the Latin American region on the sidelines of the APEC and G20 summits to explore various cooperation modalities,” added Yoon, who is scheduled to land in Rio de Janeiro on November 17.

Advocate of free, open world trade

In the current scenario of regional conflicts and proliferation of trade barriers, coupled with the deepening division of the world into different blocs, South Korea is in favor of “strengthening free and open world trade and a rules-based international order,” according to Yoon.

“It is precisely at times like these that international solidarity is needed to safeguard the free and open international trade order,” the South Korean leader said.

He highlighted the role that the G20 can play in promoting global economic cooperation by integrating the Global South.

Yoon also appreciated the Brazilian presidency’s initiative to include on the summit’s agenda key issues on achieving Sustainable Development Goals (SDGs) in developing countries, such as the fight against hunger and poverty and energy transition.

“Korea will continue to work actively with the G20 while leading cooperation among countries for the sake of a free and open international trade order, as well as continuing to contribute to efforts to respond to common challenges,” he said.

Seoul to take over APEC chair

At the APEC summit in Lima, Seoul will bring to the table “ways to minimize the impact on vulnerable groups” of the “global polycrisis” with a view to “achieving inclusive growth in which everyone benefits from the advances of new digital technologies,” Yoon said.

In particular, the South Korean government will outline its measures to support SMEs and micro-business owners and to promote green technologies, all with an eye on Seoul’s rotating APEC presidency in 2025, the country’s first in two decades.

“We want to continue the achievements made by Peru this year and lead the discussion at the APEC level with the slogan ‘Building a Sustainable Future’,” said Yoon, who said that the “key words” for the South Korean presidency will be “connection”, “innovation” and “prosperity”.