Korea stresses need to resume FTA negotiations with Mexico at vice-ministerial talks

First Vice Foreign Minister Park Yoon-joo, right, shakes hands with Maria Teresa Mercado Perez, Mexico's undersecretary for foreign affairs, ahead of the eighth Korea-Mexico high-level policy consultations held in Seoul, Monday. Courtesy of Ministry of Foreign Affairs

Korea's vice foreign minister on Monday emphasized the need to resume long-stalled negotiations on a free trade agreement (FTA) with Mexico during talks with his Mexican counterpart, the foreign ministry said.

First Vice Foreign Minister Park Yoon-joo made the call during the eighth Korea-Mexico high-level policy consultations held in Seoul earlier in the day with Maria Teresa Mercado Perez, Mexico's undersecretary for foreign affairs, according to the ministry.

The two countries launched FTA negotiations in 2007, but the talks have remained stalled since 2008 amid opposition from some Mexican industries and other issues. Despite a 2022 agreement to resume negotiations, no formal talks have been held.

Park stressed the importance of restarting negotiations on the bilateral FTA at an early date, saying the agreement would help diversify supply chains and enhance the two countries' ability to respond to uncertainties in the global economy.

During Monday's meeting, the two sides also discussed a wide range of issues of mutual interest, including trade and investment, cooperation in artificial intelligence (AI) and space technology, culture and defense, as well as regional and global affairs.

Park welcomed the growing momentum in bilateral exchanges since the leaders of the two countries held their first bilateral summit in nine years on the sidelines of last year's Group of Seven (G7) summit.

Mercado reaffirmed her country's commitment to deepening cooperation with Korea and expressed hope that more Korean companies would advance into the Mexican market, the ministry said.