South Korea and Mongolia Declare Golden Age of Relations at Summit

South Korean President Lee Jae Myung and Mongolian President Ukhnaa Khurelsukh declared the start of a golden age in bilateral relations during a summit in Ulaanbaatar on July 9. Yonhap reported that Lee arrived earlier that day for a three-day state visit, the first by a South Korean president to Mongolia in 15 years. The two leaders made the announcement following their meeting.

"Building on more than three decades of friendship and trust, this joint declaration will serve as an important milestone as we work together to forge a true golden age of Korea-Mongolia relations," Lee said. The countries agreed in principle on a Comprehensive Economic Partnership Agreement and set a target of US$1 billion in annual bilateral trade by 2030.

They will expand cooperation in economy, trade, supply chains and critical minerals, as well as in artificial intelligence, digital transformation and cutting-edge science and technology.

The leaders also agreed to strengthen political and diplomatic trust through expanded high-level exchanges and strategic communication while maintaining cooperation on regional and international issues. They will promote exchanges in tourism, education, employment and culture and strengthen consular cooperation.

Lee shared South Korea's vision for peace and cooperation on the Korean Peninsula, and Khurelsukh expressed strong agreement.

Lee will attend Mongolia's Naadam festival on Saturday.