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Mexico and South Korea begin negotiations for an FTA

Mexico and South Korea reported this Wednesday that they will resume their negotiations to agree on a Free Trade Agreement (FTA).

South Korea made its first attempt to reach an FTA with Mexico in the last year of President Ernesto Zedillo’s government, in 2000.

In January 2021, the Mexican government indicated that it is interested in negotiating a “state-of-the-art” FTA with South Korea.

“A broad, state-of-the-art agreement with the Republic of Korea would strengthen a supply chain, an export platform and a productive business fabric,” said Luz María de la Mora, Undersecretary of Foreign Trade of the Ministry of Economy.

Now, the Secretary of Economy, Tatiana Clouthier, held a meeting this Tuesday, in Mexico City, with the Minister of Commerce of the Republic of Korea, Han-koo Yeo, to agree on the restart of the negotiations.

FTA

“Within the framework of the 60th anniversary of diplomatic relations between Mexico and the Republic of Korea, both officials reaffirmed their commitment to work together to strengthen the trade and economic relationship. The negotiations will help both countries to strengthen trade and allow us to build a more prosperous future”, said the Ministry of Economy.

They also agreed that the negotiations seek to consolidate a modern Mexico-Korea FTA that allows facing the challenges and taking advantage of the opportunities of the 21st century, establishing an institutional framework that reduces barriers in the trade of goods and services, and that facilitates mutual investment and technological exchange.

“The FTA will lay a solid foundation to strengthen cooperation on emerging issues related to trade, including the resilience of supply chains, environmental sustainability and digital transformation,” added the Ministry of Economy, in a press release.

Both countries hope to hold a preliminary meeting in March with the aim of having the first round of negotiations in the first half of 2022.

They also celebrated the start of negotiations for South Korea’s entry into the Pacific Alliance as an Associated State during the first half of 2022, in accordance with the Declaration of Bahía Málaga, Colombia.

 

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