President Lee Jae Myung (left) and Argentine President Javier Milei on July 31 shake hands at a welcoming ceremony held at the presidential office Casa Rosada in Buenos Aires, Argentina. (Cheong Wa Dae)

By Lee Dasom

President Lee Jae Myung has discussed in a summit with Argentine President Javier Milei in Buenos Aires bilateral cooperation in crude oil, critical minerals and investment.

National Security Office Director Wi Sung-lac on July 31 told a news briefing at a media center in the Argentine capital that the talks marked a pragmatic step toward expanding Korea's crude oil supply chain to South America.

"Following pilot imports of Argentine crude oil this year by our companies, we plan to begin full-fledged imports next year," he said "Both governments have agreed to work together to ensure that crude oil imports proceed smoothly."

"We also agreed to broaden energy cooperation beyond crude oil to cover natural gas and nuclear energy, as well as jointly look for specific areas for future cooperation."

Both sides also concluded an agreement on double taxation avoidance. "We expect this accord to reduce the double taxation burden on Korean companies operating in Argentina and raise the predictability of the investment environment," the director said.

Seoul and Buenos Aires agreed to quickly resume negotiations on a trade agreement between Korea and Mercosur (Southern Common Market) to widen access by Korean companies to South American markets.

They also signed a memorandum of understanding on critical minerals cooperation to share information on related policies and investment systems and promote investment and joint projects between companies from both countries across the entire value chain, including lithium exploration and mining.

"The summit has laid the foundation for a new jump forward in bilateral relations," Director Wi said. "The two countries have agreed to expand mutually beneficial cooperation across a range of fields including not only trade and investment but also critical minerals, energy supply chains, artificial intelligence, the defense industry and quarantine."

dlektha0319@korea.kr