Berliner Boersenzeitung - South Korea and Brazil sign deals on K-beauty, trade

Lula and South Korean leader Lee Jae Myung signed a slew of agreements with the Brazilian president in Seoul, covering everything from agriculture to business cooperation.

Lee singled out a memorandum of understanding to boost regulatory cooperation in the health sector, which could ease barriers for K-beauty skincare products shipped to South America.

K-beauty products "will become even more accessible to Brazilian consumers", Lee said.

South Korea has emerged as a major player in the global cosmetics industry, exporting billions of dollars worth of skincare products every year.

Brazil is one of the largest markets for beauty products in the world.

Speaking at a joint press conference, Lee noted that annual trade between the two countries exceeded $10 billion.

Brazil and South Korea had also "agreed to elevate our bilateral relationship to a strategic partnership", Lee added.

Lee praised Lula's resilience ahead of the summit, saying both had risen to the top from difficult beginnings.

Both leaders had famously tough childhoods -- Lee worked in a sweatshop to support his family, while Lula dropped out of school to sell peanuts and shine shoes.

"Rising from the life of a young labourer, you have demonstrated through your own journey that democracy is the most powerful instrument for social and economic development," Lee said in a statement.

"Your path in life and politics, always one step ahead, deeply resonates with my own journey.

"I have no doubt that, with your integrity, resolve, and indomitable courage, Brazil will continue to flourish."

Lula was jailed in 2018 on charges of corruption, but was released after the presiding judge was found to be biased.

"I offer my full support for your life, struggle and achievements, which will be remembered as a lasting chapter in the history of global democracy," Lee said.

Lee's office welcomed Lula and his wife Rosangela with a colourful cake depicting the smiling couple.

Brazil is one of South Korea's largest trading partners in South America.

(F.Schuster--BBZ)