South Korea’s President Lee Jae-myung paid a state visit to Mongolia from July 9-11, following his attendance at the NATO Summit in Turkiye. Lee’s trip marked the first visit to Mongolia by a South Korean head of state in 15 years, and underscored a major boost in the two countries’ strategic partnership, particularly cooperation in critical minerals, health, education, and Northeast Asia’s peace and security environment.
Lee’s visit emphasized a new level of Mongolia-South Korea partnership in a changing regional geopolitical environment. Ahead of the state visit, in an interview with Mongolia’s state news agency, Montsame, Lee stated: “I hope this visit will be a step toward opening a ‘New Golden Era’ of Mongolia-Korea relations together.”
The state visit indeed concluded with Mongolia and South Korea announcing a “Golden Era of Korea-Mongolia Relations.” The two countries signed 21 cooperation agreements, including a landmark Comprehensive Economic Partnership Agreement (CEPA), effectively serving as a free trade agreement between the two economies. In early June, trade ministers from both sides met in Ulaanbaatar to push the CEPA, and they reached a “principle agreement” during Lee’s state visit. Among the commitments, South Korea will eliminate tariffs of 2 to 5 percent on imports of Mongolian minerals, including copper and molybdenum. Mongolia will reduce or eliminate tariffs on cosmetics, trucks, and construction equipment from South Korea.
