President Lee Jae-myung made a state visit to Mongolia on the 9th (local time) and held a summit meeting with Mongolian President Ukhna Khurelsukh and decided to strengthen cooperation in the field of core minerals such as rare earths. This is the first state visit by the President of the Republic of Korea to Mongolia in 15 years since President Lee Myung-bak in 2011. President Lee held a summit meeting with President Khurelsukh at the Government Complex in Ulaanbaatar, Mongolia, and announced the in-principle conclusion of the Comprehensive Economic Partnership Agreement (CEPA) through a joint declaration. Accordingly, the 2-5% import tariff imposed on copper, molybdenum, and rare earths from Mongolia will be immediately abolished. Through Mongolia, we are now able to diversify our core mineral supply chain. Mongolia is ranked second in the world in reserves of rare earth elements such as neodymium, which is a key raw material for high-tech industries such as robots and electric vehicles. In addition, it holds large quantities of various rare metals, including molybdenum, which is used to manufacture ferroalloys and special steel. The two countries plan to increase supply chain stability for key minerals through the rare metal center that opened at the end of last year. In addition, Mongolia will immediately abolish tariffs on Korean cosmetics.