Seoul: Mexico's ambassador to South Korea emphasized the deeply integrated economic relationship between the two nations and highlighted their cooperation in advanced industries during an event in Seoul commemorating Mexico's 216th Independence Day. This event also saw South Korea's trade minister advocating for the resumption of bilateral free trade agreement negotiations.

According to Yonhap News Agency, Ambassador Carlos Penafiel pointed out the presence of over 2,000 Korean companies in Mexico, underscoring the integration of both economies into North America's future supply chains. He remarked on the collaboration in fields such as space research, clean energy, and artificial intelligence, stressing the importance of a strong friendship grounded in shared commitments to peace and respect for international principles.

Mexico stands as South Korea's foremost trading and investment partner in Latin America, while Korea is among Mexico's top five global trading partners. The ambassador noted the growing cultural exchange, with Korean cultural content gaining popularity among young Mexicans, further strengthening people-to-people connections.

Penafiel mentioned the potential positive impact of South Korean President Lee Jae Myung's anticipated visit to Mexico, following an invitation from Mexican President Claudia Sheinbaum. This visit is expected to bolster bilateral relations and benefit Korean enterprises in Mexico.

South Korean Trade Minister Park Jung-sung, in his congratulatory address, described Mexico as a strategic link connecting Korea to North America. He called for the prompt resumption of free trade agreement talks, citing the complementary trade structures of the two countries and the potential for a trade agreement to fortify their economic partnership.

The free trade agreement negotiations, initiated in 2007, have been stalled since 2008 due to opposition from certain Mexican industries. Despite a 2022 agreement to restart discussions, formal negotiations have yet to occur. Mexican Foreign Secretary Roberto Velasco Alvarez, in an interview with Yonhap News Agency, reaffirmed Mexico's commitment to advancing the stalled FTA talks with South Korea, highlighting the significance of their bilateral economic relationship.