Kathmandu. During Brazilian President Luiz Inacio Lula da Silva’s state visit to South Korea, Lula and South Korean leader Lee Jae-myung signed a multi-faceted agreement in Seoul covering everything from agriculture to trade cooperation.

Lee signed a memorandum of understanding to boost regulatory cooperation in the health sector. This will reduce barriers for K-Beauty skincare products shipped to South America. After the deal, K-beauty products “will be even more accessible to Brazilian consumers,” Lee said.

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

Brazil is the world’s largest market for beauty products. At a joint press conference, Li said the annual trade between the two countries exceeded $10 billion.

Brazil and South Korea have agreed to elevate bilateral relations to a strategic partnership, Lee said. Lee praised Lula’s rescue ahead of the summit, saying the two had reached a top deal from difficult starts.

Lula was jailed on corruption charges in 2018, but was released after the judge was found to be biased. Lee’s office greeted Lula and his wife, Rosangela, with a colorful cake depicting the couple.

Brazil is South Korea’s largest trading partner in South America.