Seoul: Mexico is committed to continuing long-stalled talks with South Korea on a free trade agreement (FTA), the country's top diplomat has said, stressing the importance of strengthening ties with Seoul in artificial intelligence (AI), space, and other advanced sectors. Mexican Foreign Secretary Roberto Velasco Alvarez made the remarks during an exclusive interview in Seoul on Tuesday, marking his first trip to Asia since taking office in April.
According to Yonhap News Agency, Velasco emphasized the significance of trade between Mexico and South Korea, noting that the countries began FTA negotiations in 2006, which stalled in 2008 due to opposition from certain Mexican industries. Although the two countries agreed to resume talks in 2022, formal negotiations have not yet restarted. Velasco mentioned that while Mexico is currently prioritizing trade discussions with the United States, including tariff issues and the U.S.-Mexico-Canada Agreement (USMCA), the Mexican economic ministries are actively seeking alternatives to address concerns from Korean companies.
The potential implications for Korean firms operating in Mexico are noteworthy, as changes to USMCA rules could affect their exports to the U.S. market. Velasco expressed the desire for a successful review of the USMCA to reduce uncertainty and highlighted the importance of continuing to strengthen economic ties with partners beyond the United States.
During meetings with South Korean Foreign Minister Cho Hyun, Velasco discussed the importance of resuming bilateral FTA negotiations to enhance Korean investment in Mexico. He acknowledged the substantial investments from South Korean firms like Samsung and LG and expressed a commitment to fostering further collaboration in sectors such as aerospace and AI.
Velasco's visit also included discussions with officials from Samsung E and A Co., other companies, and the Korea Advanced Institute of Science and Technology (KAIST) to explore potential joint initiatives. He highlighted the growing popularity of Korean culture in Mexico and welcomed South Korea's interest in establishing a Korean Culture Center in Mexico City. The two countries are exploring a joint education initiative involving scholarships to promote educational exchanges.
Additionally, Velasco's visit aimed to prepare for President Lee Jae Myung's anticipated visit to Mexico, reflecting the "extraordinary moment" in bilateral relations. On the topic of North Korea, Velasco reiterated Mexico's long-standing tradition of promoting denuclearization and expressed support for global initiatives in that space.