Speaking at a Korea-Mexico business forum in Mexico City on Friday, Lee said Mexico is South Korea’s largest trading and investment partner in Latin America, with Korean companies including Samsung, LG, SK and Kia maintaining significant operations in the country.
Bilateral trade reached $20.6 billion last year.
“A Korea-Mexico trade agreement will clearly provide a solid foundation for taking our economic cooperation to the next level,” Lee said.
Despite those ties, the two countries have yet to conclude a comprehensive trade agreement. A presidential official said Lee was referring to stalled negotiations for a comprehensive economic partnership agreement, or CEPA, which would cover trade, investment and broader economic cooperation.
Lee said a trade agreement could give companies greater certainty as they expand business amid changes to the North American trade environment, including uncertainty surrounding the U.S.-Mexico-Canada Agreement. He also called for closer cooperation in advanced industries and supply chains.
The president highlighted biotechnology, health care, artificial intelligence data centers and power systems as potential areas for expanded cooperation, saying Mexico’s manufacturing base and access to the North American market could complement South Korea’s technology and industrial capabilities.
“For Korean companies, Mexico is more than a production base. It is an important strategic partner linking North America and global markets,” Lee said.
The forum brought together executives from major South Korean companies, including SK, LG, LS, Samsung Electronics and Naver, as well as representatives from small and midsized businesses.
The event followed a summit between Lee and Mexican President Claudia Sheinbaum that produced agreements to deepen cooperation in areas including AI, defense and aerospace.
AJP Takeaways
- President Lee Jae Myung called for renewed Korea-Mexico trade talks aimed at reaching a comprehensive trade agreement.
- Lee highlighted Mexico as South Korea’s largest trade and investment partner in Latin America and a strategic gateway to North America.
- South Korea and Mexico are seeking deeper cooperation in supply chains, AI, biotechnology, energy, defense and aerospace.
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