President Lee Jae-myung and Mongolian President Ukhnaagiin Khurelsukh deliver a joint press statement at the Government Palace in Ulaanbaatar on Thursday (local time). [Yonhap]
President Lee Jae-myung and Mongolian President Ukhnaagiin Khurelsukh deliver a joint press statement at the Government Palace in Ulaanbaatar on Thursday (local time). [Yonhap]

President Lee Jae-myung said Thursday that his summit with Mongolian President Ukhnaagiin Khurelsukh confirmed a shared vision for opening a "golden era" in bilateral relations and set out the direction for their future development.

Speaking through a joint press statement after the summit in Ulaanbaatar, where Lee is on a state visit, he said he hoped the message would reach citizens of both nations — that Mongolia is a key partner in South Korea's national-interest-driven pragmatic diplomacy, and that South Korea is Mongolia's most trusted strategic cooperation partner.

Lee also announced that the two countries had reached an agreement in principle on a Comprehensive Economic Partnership Agreement, or CEPA.

A CEPA is a trade agreement that, like a free trade agreement, covers market-opening measures such as the elimination of tariffs, but also encompasses technology cooperation, human resource exchanges and investment promotion aimed at mutual benefit and shared prosperity. The two countries have maintained a strategic partnership established under the Moon Jae-in administration in 2021 and resumed CEPA negotiations in June.

"With the agreement in principle on the CEPA, we will work together to achieve $1 billion in bilateral trade by 2030," Lee said. "We will expand economic, trade and investment cooperation and strengthen collaboration in supply chains and critical minerals."

President Lee Jae-myung and Mongolian President Ukhnaagiin Khurelsukh greet each other after their joint press statement at the Government Palace in Ulaanbaatar on Thursday (local time). [Yonhap]
President Lee Jae-myung and Mongolian President Ukhnaagiin Khurelsukh greet each other after their joint press statement at the Government Palace in Ulaanbaatar on Thursday (local time). [Yonhap]

Lee said the two sides plan to broaden mutually beneficial and sustainable cooperation across a range of fields, including AI and digital transformation, advanced science and technology, logistics and infrastructure, agriculture and livestock, healthcare, and development cooperation. He said healthcare cooperation in particular would be the area where citizens of both countries could most directly feel the results, and that the two sides agreed to contribute to improving the health and quality of life of the Mongolian people through initiatives including a project to build a second national cancer center.

On North Korea, Lee confirmed Mongolia's support. Mongolia, the second country to establish diplomatic ties with North Korea after the Soviet Union, maintains friendly relations with Pyongyang.

Lee said he had briefed President Khurelsukh on Thursday on his government's vision for peace and cooperation on the Korean Peninsula, and that Khurelsukh had expressed strong agreement on the importance of peace and stability on the peninsula and in Northeast Asia.

"I would like to again express my gratitude to President Khurelsukh for reaffirming that Mongolia will always support our government's efforts to achieve lasting peace on the Korean Peninsula," Lee said.

Lee said the two leaders agreed it would be desirable to further expand bilateral cooperation for stability and development in Northeast Asia. He said they also agreed on the need to maintain and strengthen the tradition of cooperation and mutual support built up on the international stage, and to work closely together on global issues such as climate change and sustainable development.

In addition, Lee said the two countries plan to expand cooperation in international organizations and multilateral forums, including working closely together in elections for bodies such as the International Court of Justice.

Lee said he would attend Mongolia's largest national festival, the Naadam, as a guest of honor on Saturday, expressing hope that it would serve as an occasion for the people of South Korea and Mongolia to come together in welcoming the "golden era" in bilateral relations.


sang@heraldcorp.com