Mexico touts 'deeply' integrated economic ties with Korea, eyes stronger ties in future industries

Mexico's ambassador to Korea on Thursday highlighted the two countries' deeply integrated economic ties and cooperation in advanced industries, while South Korea's trade minister called for the resumption of talks on a bilateral free trade deal.

"With the presence of more than 2,000 Korean companies in Mexico, our economies are deeply integrated into the supply chains shaping the future of North America," Mexican Ambassador Carlos Penafiel said at an event in Seoul marking the 216th anniversary of Mexico's Independence Day.

"Beyond economic and commercial strength, our cooperation looks to the future: We collaborate in space research, clean energy, artificial intelligence and advanced industries," he added.

The ambassador also stressed the importance of a strong bond of friendship between the two nations based on a shared "commitment to peace, international law, multilateralism and respect for human rights" at a time when "no nation can face today's challenges alone."

Mexico is Korea's leading trading and investment partner in Latin America, while Korea ranks among Mexico's five largest trading partners worldwide.

Penafiel also pointed to growing people-to-people ties, noting that K-pop and other Korean cultural content have gained widespread popularity among young Mexicans.

Noting active high-level exchanges between the two nations, the ambassador said President Lee Jae Myung's acceptance of Mexican President Claudia Sheinbaum's invitation to visit Mexico "would further strengthen bilateral ties" and would be "excellent news for Korean companies operating in Mexico."

Lee is expected to visit Mexico in the near future.

Korea's Trade Minister Park Jung-sung delivered a congratulatory message, describing Mexico as "a vital strategic partner connecting Korea to North America" and calling for the swift resumption of negotiations to forge a bilateral free trade agreement (FTA).

"Despite this strong economic bond, the two countries do not have a bilateral trade agreement in place. Given our complementary trade structures, I believe a trade agreement would serve as a solid institutional foundation for strengthening our close economic partnership," Park said.

"I sincerely hope our discussions will resume as soon as possible to establish a stable trade network between the two countries," he added.

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.