Key facts
- Mexico is committed to continuing free trade agreement (FTA) talks with South Korea.
- Mexico seeks to strengthen cooperation with South Korea in artificial intelligence, space, and other advanced sectors.
- South Korea and Mexico began FTA negotiations in 2006, which have stalled and restarted talks multiple times.
- Mexican Foreign Secretary Roberto Velasco Alvarez visited Seoul to discuss bilateral relations and potential cooperation.
- Mexico is also prioritizing trade discussions with the United States regarding the USMCA.
Mexico is committed to resuming stalled free trade agreement (FTA) negotiations with South Korea, with its top diplomat emphasizing the importance of enhanced cooperation in advanced sectors such as artificial intelligence and space. Mexican Foreign Secretary Roberto Velasco Alvarez stated this commitment during an exclusive interview with Yonhap News Agency in Seoul.
Velasco, on his first trip to Asia since taking office in April, noted that trade between Mexico and South Korea is significant and that Mexico intends to continue trade conversations. FTA negotiations between the two nations began in 2006 but stalled in 2008, with renewed agreement to resume talks in 2022, though formal negotiations have yet to restart. This is particularly relevant as Mexico has raised tariffs on imports from countries without an FTA, including South Korea.
While Mexico is prioritizing trade discussions with the United States concerning tariff issues and the U.S.-Mexico-Canada Agreement (USMCA), Velasco indicated that Mexico is looking for alternatives to address concerns of South Korean companies. He acknowledged the importance of a successful USMCA review for Korean firms operating in Mexico, as changes could impact their exports to the U.S. market.
South Korean Foreign Minister Cho Hyun underscored the necessity of resuming bilateral FTA negotiations to further accelerate Korean investment in Mexico, which is South Korea's largest investment and trade partner in Latin America. Velasco expressed admiration for South Korea's advancements in science and technology, particularly in AI and the space industry, and welcomed continued investments from South Korean firms like Samsung and LG.
During his visit, Velasco met with representatives from Samsung E&A and other companies to explore cooperation in aerospace and space sectors. He also engaged with the Korea Advanced Institute of Science and Technology (KAIST) regarding a potential joint initiative in Mexico. Velasco highlighted the significant popularity of Korean culture in Mexico and discussed joint educational initiatives, including scholarships, to foster long-term ties.
The primary objective of Velasco's visit was to prepare for an anticipated visit by South Korean President Lee Jae Myung to Mexico, reflecting what he described as an "extraordinary moment" in bilateral relations. On the issue of North Korea, Velasco affirmed Mexico's long-standing tradition of promoting denuclearization, dating back to the 1960s.