Lee calls for resumption of FTA negotiations with Mexico to elevate economic cooperation
President Lee Jae Myung speaks during a South Korea-Mexico business forum in Mexico City, Sept. 25. Yonhap
MEXICO CITY — Korean President Lee Jae Myung on Friday called for a swift resumption of negotiations for a free trade agreement (FTA) between South Korea and Mexico, saying it will further elevate bilateral economic cooperation that he said is already contributing significantly to the Mexican economy and job creation.
The president made the call during a Korea-Mexico business forum in Mexico City, where he is currently on a state visit.
"Mexico is South Korea's largest trading partner in Central and South America. For Mexico, Korea is the fifth-largest trading partner with bilateral trade reaching $20.6 billion last year," the president pointed out.
"Despite this brilliant outcome, the two economies have yet to have a comprehensive trade agreement," the president noted.
The president stressed that amid growing uncertainties in the global trade environment, there is a need to strengthen the institutional framework to help companies pursue business opportunities with greater certainty.
"Given the mutually complementary structures of the two economies, a trade agreement between Korea and Mexico will certainly become a solid foundation for elevating bilateral economic cooperation to a higher level," Lee told the meeting, attended by top business leaders from both Korea and Mexico.
Friday's event came one day after Lee and Mexican President Claudia Sheinbaum agreed to a comprehensive action plan designed to boost their countries' bilateral cooperation in advanced industries, including the artificial intelligence (AI), defense and aerospace sectors, among others.
Korea and Mexico launched FTA talks in 2006, but negotiations have since stalled. Lee and Sheinbaum earlier agreed on the need to restart negotiations, but the countries have yet to do so.
Lee, in particular, stressed the need to strengthen bilateral cooperation in trade and supply chains for advanced industries, calling Mexico "a main axis" of North American supply chains and a global manufacturing hub for automobiles, electronics, aerospace and other advanced industries.
"The exceptional manufacturing capabilities of Mexico and its access to the North American market, as well as Korea's proven technology, innovative capabilities and industrial competitiveness, will provide broader and more prosperous opportunities for growth for both countries," Lee said.
The president also called on the countries to expand their cooperation into future industries and the energy sector while stepping up exchanges and collaboration in the cultural industry.
Referring to the countries' six-decades-old diplomatic relations, the Korean president called for the "opening of a new six decades for mutual prosperity."
President Lee Jae Myung, center, and first lady Kim Hea Kyung, left, sample instant noodles at an exhibition showcasing Korean products in Mexico City, Sept. 25. Yonhap
Later in the day, Lee, accompanied by first lady Kim Hea Kyung, visited an exhibition in Mexico City showcasing Korean products.
Lee toured booths operated by several Korean companies, including beauty giant Amorepacific, Samsung Electronics, LG Electronics and Nongshim, tasting instant noodles and taking selfies with exhibition visitors.