President Yoon Suk Yeol stated on September 24 that a "trade agreement is necessary to expand trade and investment between the two countries and create a stable business environment."
Following a summit with Mexican President Claudia Sheinbaum at the presidential palace in Mexico City, Yoon emphasized, "In the uncertain international situation where global supply chains are being reorganized, Mexico, as a major economy and a key hub in global supply chains, is a very important strategic partner for South Korea."
South Korea and Mexico have reached an agreement on revising their investment protection agreement, which has been under negotiation for seven years, and will establish a $100 million financing initiative. They will also launch a government dialogue channel to discuss oil and key resources while expanding cooperation in future advanced industries such as artificial intelligence (AI), aerospace, and defense.
Yoon expressed his pleasure at adopting the "2026-2030 Korea-Mexico Joint Action Plan," stating, "Now, the two countries will continue to discover results of cooperation in various fields such as trade, development cooperation, intellectual property, space, cultural heritage, and education."
In the economic sector, Yoon highlighted the successful conclusion of the investment protection agreement negotiations as the first achievement. He explained, "The two countries successfully concluded the negotiations for the revised investment protection agreement that have been ongoing for seven years, and we agreed to work towards the swift entry into force of the revised agreement through necessary procedures such as signing and parliamentary ratification."
He added, "We have also established a new institutional framework for smoother trade, including the protection of intellectual property rights and the activation of information sharing on illegal customs goods."
Yoon announced plans to accelerate follow-up actions, stating, "We will hold a 'Counterfeit Product Identification Workshop for Korean Goods' by the end of this year and a meeting to block illegal and harmful goods in the first half of next year to expedite follow-up discussions."
In the financial sector, the two countries will establish a $100 million financing initiative between their export-import banks. Yoon explained, "Mexican companies purchasing goods and services from our companies, as well as our companies investing in Mexico, will be able to receive financial support." Supply chain cooperation will also be strengthened.
Yoon noted, "We have decided to launch a dialogue channel between the two countries' ministries to discuss oil and key resources related to supply chains." He expressed gratitude for the additional oil supply to Korean companies since his conversation with President Sheinbaum in May, stating, "We agreed to continue our cooperation for stable oil imports."
Regarding the need for a trade agreement, Yoon said, "We will conduct joint research on mutual interests between trade authorities to explore ways to establish a more mutually beneficial economic cooperation relationship."
The challenges faced by Korean companies operating in Mexico were also discussed during the summit. Yoon stated, "We exchanged in-depth opinions on various requests from our companies in Mexico, particularly agreeing on the need for a swift social security agreement to alleviate the burden of double pension insurance payments for overseas dispatched companies and workers."
The two countries will expand cooperation in future advanced industries such as AI, digital technology, aerospace, and defense. Yoon explained, "This is a way to link the strategic industries prioritized by our government with Mexico's economic development strategy, 'Plan Mexico.'"
He added, "Our government and businesses have agreed to form a public-private delegation to visit Mexico in November this year to discuss ways to accelerate AI and digital cooperation."
Regarding the 'Korea-Mexico AI Cooperation Declaration' adopted that day, Yoon stated, "We will jointly review the implementation of the APEC AI initiative adopted last year in Gyeongju with Mexico, which will serve as the APEC chair in 2028, and continue to share policies and experiences in preparation for the AI era."
In the aerospace sector, they will utilize the 'Aerospace Industry Cooperation MOU' and the upcoming 'Korea-Mexico Space Day' in November. Yoon stated, "We will identify specific projects to enhance the competitiveness of the aerospace industry."
In the defense sector, Yoon proposed linking Mexico's military modernization efforts with South Korea's defense industry. He said, "President Sheinbaum and I agreed to explore ways for Korea to contribute to Mexico's ongoing military modernization process, and through the defense cooperation MOU signed this time, we will expand exchanges in various areas such as experience sharing, education, training, and research and development in the defense sector."
Yoon emphasized, "I hope that Korea's excellent defense technology will lead to local production in Mexico, contributing to the strengthening of Mexico's defense industry capabilities, and I look forward to President Sheinbaum's special interest and support for our joint entry into third-country markets."
In the cultural and educational sectors, Yoon noted, "The exchanges between our two peoples, which began with the migration of our citizens to Mexico 121 years ago, have now expanded to 200,000 mutual visitors annually," adding, "The affection of the Mexican people for Korean culture, from K-pop to K-beauty and K-food, is remarkable."
He stated, "We agreed to continue discussions on building related facilities in Mexico so that the Mexican people can experience K-culture more frequently and easily, and we will establish a working group by the end of this year to create an environment for joint content production and to train related talent."
They will also pursue the establishment of a government scholarship program for students from both countries. Yoon said, "President Sheinbaum proposed the establishment of a government scholarship program to support students from both countries, and we agreed to discuss specific plans."
Regarding cooperation in public safety and agriculture, Yoon stated, "We have established an institutional foundation for cooperation between our law enforcement authorities to combat transnational crimes such as online fraud, human trafficking, and drug trafficking, and we will also cooperate in public safety infrastructure and technology."
In agriculture, he mentioned, "We agreed to implement practical cooperation projects starting next year so that South Korea's agricultural technology can lead to increased productivity for small farmers in Mexico."
On international cooperation, Yoon welcomed Mexico's intention to chair the G20 in 2029, stating, "As South Korea will chair the G20 in 2028, we will closely cooperate for a successful G20 meeting."
Regarding the Korean Peninsula issue, Yoon noted, "President Sheinbaum showed clear support and willingness to cooperate with our policy of peaceful coexistence on the Korean Peninsula," emphasizing that the two countries will continue to closely cooperate for peace and stability in the international community, including the Korean Peninsula.
Yoon concluded, "There is a Spanish proverb that means 'together we can achieve anything.' I hope that based on the discussions and agreements made during today's summit, the two countries will open a new chapter in our strategic partnership."
Meanwhile, the meeting with Mexican business leaders held in conjunction with the summit included major group leaders such as Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry (SK Group chairman), Koo Kwang-mo, chairman of LG Group, and Koo Ja-eun, chairman of LS Group. Notable attendees from Samsung Electronics included President Roh Tae-moon, and from Kia, President Song Ho-sung.
Also present were Lee Gye-in, president of POSCO International, Park Seong-cheol, vice chairman of Doosan Bobcat, Kim Seung-hwan, CEO of Amorepacific, and Cho Yong-cheol, CEO of Nongshim.
* This article has been translated by AI.
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