Brazilians could more easily get their hands on coveted "K-beauty" products under a deal struck on Monday, February 23, during President Luiz Inacio Lula da Silva’s state visit to South Korea.
Following a bilateral meeting in Seoul, Lula and South Korean President Lee Jae Myung announced a broad package of agreements spanning agriculture, trade, and business cooperation.
Lee singled out a memorandum of understanding to boost regulatory cooperation in the health sector. He believes this could ease barriers for K-beauty skincare products shipped to Brazil. South-Korean beauty products "will become even more accessible to Brazilian consumers," he said.
While Brazil is one of the largest markets for beauty products in the world, South Korea has emerged as a major player in the global cosmetics industry, exporting billions of dollars worth of skincare products every year.
Both leaders also confirmed plans to revive negotiations for a free trade agreement linking South Korea and Mercosur, highlighting Brazil’s role as a key South American partner for Seoul.
“We discussed ways to resume talks that were interrupted in 2021,” Lula said at a press conference.
Lee emphasized that both sides agreed the benefits of economic cooperation “should be extended” to neighboring countries. Lula noted that the two nations unveiled an action plan “with concrete initiatives for the next three years.”
“Brazil is the main destination for Korean investments in Latin America, and with USD 11 billion in trade, South Korea is our fourth-largest trading partner in Asia,” he added.
