On October 23, South Korean President Yoon Suk-yeol held a summit with Brazilian President Luiz Inácio Lula da Silva, where they announced the elevation of bilateral ties to a 'strategic partnership.' The meeting, which took place at the South Korean presidential office, involved a series of discussions, including a small group meeting and a signing ceremony for multiple memoranda of understanding (MOUs). President Yoon stated that the day would be recorded as a historic moment for both nations, highlighting the adoption of a four-year action plan that aims to strengthen cooperative frameworks.

During the summit, the two leaders discussed the importance of resuming negotiations for a trade agreement between South Korea and the Southern Common Market (MERCOSUR), with both expressing commitment to overcoming challenges through mutual trust. They signed 10 MOUs covering various sectors including small and medium-sized enterprises (SMEs), health sector regulations, and agriculture. President Yoon noted that the agreement with regard to SMEs would broaden trade and investment opportunities, which have traditionally favored larger corporations, thus promoting a more inclusive economic relationship.

In addition, the summit highlighted cooperation in the health sector, with Yoon pointing out that an MOU would help increase the market for popular Korean cosmetics among Brazilian consumers. The agricultural agreements focused on food security and supply chain collaboration, which President Yoon emphasized as critical, considering Brazil's advanced agricultural technologies. Overall, the meeting signifies a strategic shift in bilateral relations and highlights future collaboration in emerging industries such as space, defense, and aviation, aiming for sustainable development in rural economies of both countries.