President Lee Jae Myung urged a swift restart of trade negotiations during a state visit to Mexico to strengthen economic ties and institutional frameworks.
Key facts
- •President Lee Jae Myung is currently on a state visit to Mexico as of September 25, 2026.
- •Bilateral trade between South Korea and Mexico totaled $20.6 billion in 2025.
- •Formal trade negotiations between the two countries originally began in 2006 but have since stalled.
- •The proposed agreement is intended to be a Comprehensive Economic Partnership Agreement (CEPA) covering investment and industrial collaboration.
- •Presidents Lee and Sheinbaum recently agreed to an action plan targeting AI, defense, and aerospace sectors.
South Korean President Lee Jae Myung called for the immediate resumption of trade negotiations between South Korea and Mexico during a business forum in Mexico City on Friday. Speaking during his state visit, Lee emphasized that a formal agreement would provide a necessary institutional framework to support companies amid global trade uncertainties. He noted that while the two nations share a complementary economic structure, they have yet to finalize a comprehensive trade pact.
Economic Ties and Trade Status
President Lee highlighted that Mexico currently serves as South Korea's largest trading partner in Central and South America, while South Korea is Mexico's fifth-largest partner globally. Bilateral trade between the two nations reached $20.6 billion in the previous year. Despite these figures, formal negotiations for a free trade agreement, which first launched in 2006, have remained stalled for years.
Strategic Cooperation in Advanced Industries
The call for trade talks follows an agreement made one day prior between President Lee and Mexican President Claudia Sheinbaum to implement a comprehensive action plan. This plan focuses on boosting cooperation in advanced sectors, including artificial intelligence, defense, and aerospace. Lee described Mexico as a central axis of North American supply chains and a global manufacturing hub for electronics and automobiles, suggesting that combining Mexico's manufacturing capabilities with South Korea's technological competitiveness would drive mutual growth.
Defining the Proposed Agreement
While the President initially referred to a trade agreement, a presidential official clarified that he is specifically seeking a Comprehensive Economic Partnership Agreement (CEPA). Unlike standard market liberalization, a CEPA is designed to foster broader economic collaboration, including specific provisions for investment and future industrial cooperation.
Timeline
- 2006South Korea and Mexico launched initial free trade agreement negotiations.
- September 24, 2026President Lee and President Sheinbaum agreed to a comprehensive action plan for advanced industries.
- September 25, 2026President Lee called for the swift resumption of trade negotiations during a business forum.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Yonhap News, The Korea Times.
