South Korea and Mongolia pledged to expand cooperation in the rare earth and critical mineral sectors and strive for peace on the Korean Peninsula during a bilateral summit held on Thursday. South Korean President Lee Jae Myung met with Mongolian President Ukhnaa Khurelsukh at the government palace in Ulaanbaatar on Thursday during his state visit to the country. “We will expand cooperation in the economy, trade and investment, as well as strengthen cooperation in supply chains and the critical mineral sector,” Lee said. “After agreeing in principle on a comprehensive economic partnership agreement (CEPA), we will work toward achieving US$1 billion in bilateral trade by 2030.” Lee’s state visit to Mongolia is the first by a Korean president in 15 years. The two leaders’ discussions focused on the development of Mongolia’s mineral resources and the expansion of cooperation in that area. Mongolia is rich in mineral resources such as copper, lithium and rare earths. In fact, Mongolia ranks behind only China in its rare earth reserves. During his celebratory remarks at the Korea-Mongolia business forum, Lee stated, “If Mongolia, a country with abundant critical mineral resources such as copper, molybdenum, tungsten, and rare earth elements, cooperates with Korea, a country with advanced technology, capital, and logistics, we will be able to achieve significant synergy in the supply chain sector.” “We hope that we can create a successful example of supply chain cooperation through the rare metals committee currently operated by the governments of both countries,” the Korean president added. The two leaders also promised to cooperate for the sake of peace on the Korean Peninsula. “We informed Khurelsukh of our administration’s plan for peace and cooperation on the Korean Peninsula, and the Mongolian president strongly agreed on the importance of peace and stability on the Korean Peninsula and in Northeast Asia,” said Lee. Mongolia is the second country, following the USSR, to establish diplomatic relations with North Korea. Since it has traditionally retained friendly relations with North Korea, it appears likely that Lee asked for its cooperation in resuming dialogue with North Korea. The two leaders also adopted a joint declaration outlining the direction for the development of Korea-Mongolia relations. In a joint press statement, Lee stated, “Based on the friendship and trust that our two countries have cultivated over the past 30 years, this joint declaration will serve as an important milestone for ushering in a golden age of Korea-Mongolia relations in the years ahead.” Korea and Mongolia signed 21 memorandums of understanding in areas such as science and technology cooperation.