During a state visit to Mongolia—the first by a South Korean president in 15 years—President Lee Jae Myung met with Mongolian President Ukhnaa Khurelsukh on Thursday in Ulaanbaatar. The two leaders agreed to deepen cooperation in rare earths and critical minerals, sectors where Mongolia holds vast reserves, and to strengthen supply chains. Lee stated that after reaching a preliminary understanding on a comprehensive economic partnership agreement, the two nations would aim for $1 billion in bilateral trade by 2030. They also discussed promoting peace on the Korean Peninsula, a topic on which Mongolia, a longtime North Korea ally, reportedly could help facilitate dialogue. The summit produced a joint declaration and 21 memorandums of understanding covering science, technology, and other fields.