Mexico committed to trade talks with S. Korea, eyes more cooperation in AI, space: top diplomat
Mexican Foreign Secretary Roberto Velasco Alvarez speaks during an interview with Yonhap News Agency in Seoul, Tuesday. Yonhap
Mexico is committed to continuing long-stalled talks with South Korea on a free trade agreement (FTA), the country's top diplomat has said, stressing the importance of strengthening ties with Seoul in artificial intelligence (AI), space and other advanced sectors.
Mexican Foreign Secretary Roberto Velasco Alvarez made the remarks during an exclusive interview with Yonhap News Agency in Seoul on Tuesday. He was on a three-day visit to South Korea that began Sunday, his first trip to Asia since taking office in April.
"We know that trade between Mexico and Korea is important. So we intend to continue our trade conversations with Korea down the line," Velasco said.
South Korea and Mexico began FTA negotiations in 2006, but the talks stalled in 2008 amid opposition mainly from some Mexican industries. The two countries agreed in 2022 to resume negotiations, but formal talks have yet to restart.
The issue is particularly relevant for Korean companies, as Mexico has raised tariffs on certain imports from countries with which it does not have an FTA, including South Korea.
"We are looking for alternatives to attend to some of the concerns that your companies have," the minister said, noting their economic ministries have been in talks about the matter.
Velasco, however, did not elaborate on any specific timeline for resuming formal FTA negotiations, as Mexico is currently prioritizing talks with the United States on tariff issues and the U.S.-Mexico-Canada Agreement (USMCA).
"Right now, Mexico is in the middle of very important conversations with the United States regarding both the current trade landscape between our countries and also the review of the USMCA, and it is also of interest for Korean companies," the minister said.
The three North American countries began the first six-year joint review of the agreement July 1, with Mexico and Canada supporting an additional 16-year extension, while the U.S. declined to renew the agreement in its current form.
The review could have implications for Korean firms operating in Mexico, as changes to USMCA rules could affect their exports to the U.S. market.
During his talks with Velasco on Monday, South Korean Foreign Minister Cho Hyun stressed that resuming bilateral FTA negotiations is essential to further accelerate Korean investment in Mexico, noting that it is South Korea's largest investment and trade partner in Latin America.
"We want to have a successful review of the USMCA that allows us to reduce uncertainty around the USMCA," Velasco said, while stressing the need to continue strengthening economic ties with partners beyond the U.S.
"We admire very much what you have done in terms of science and technology, the progress you are making on artificial intelligence, what you've done also in terms of space, aerospace industry," he said. "We have substantial investments from South Korean firms like Samsung, like LG and others, and we want to continue to receive those investments."
While in South Korea, the minister met with officials from Samsung E&A Co. and other companies to discuss potential cooperation in the aerospace, space and other advanced sectors. He also met with the Korea Advanced Institute of Science and Technology (KAIST) over a possible joint initiative in his country.
Velasco highlighted the growing popularity of Korean culture in his country and welcomed South Korea's interest in opening a Korean Culture Center in Mexico City.
"You can't imagine how popular Korean culture is right now in Mexico," he said, adding that the two countries are seeking to put together a joint education initiative involving scholarships to promote educational exchanges.
"We believe that the ties between the people, particularly young people, can give a long-term vision to the relation beyond the government," he said.
Velasco also said the main purpose of his visit to South Korea was to prepare for President Lee Jae Myung's envisioned visit to Mexico, which he said would reflect the "extraordinary moment" in the bilateral relations.
On North Korea, Velasco said Mexico has a long-standing tradition of promoting denuclearization, dating back to the 1960s, when it promoted a treaty that established the first nuclear weapon-free zone in Latin America.
"Our position is based on that tradition, and of course, I will be supportive of any initiative around the world in that space," he said.