Mexico City:South Korea and Mexico have adopted a joint action plan to enhance bilateral cooperation in areas such as crude oil, natural resources, defense, and artificial intelligence, as announced by South Korean President Lee Jae Myung during a summit with Mexican President Claudia Sheinbaum.

According to Yonhap News Agency, the Korea-Mexico Joint Action Plan 2026-2030 was unveiled at a joint press conference by the two leaders. The plan emphasizes collaboration in advanced industries, including AI, digital technology, aerospace, and defense, aligning with both countries' economic strategies.

Efforts to expedite the action plan's implementation will include formal signing and parliamentary ratification. Additionally, the summit saw the conclusion of negotiations on a revised Bilateral Investment Treaty, setting the stage for increased trade and investment between the nations.

South Korea and Mexico also plan to establish a communication channel focused on supply chain cooperation, particularly concerning crude oil and critical natural resources. Discussions included potential contributions from South Korea to Mexico's military modernization, with a focus on military training and defense technology exchanges.

The two countries will form a working group this year to promote cultural collaborations, leveraging the growing interest in Korean culture within Mexico. The leaders also agreed to address global challenges and reaffirmed commitment to peaceful coexistence on the Korean Peninsula.

During the summit, the signing of 17 memorandums of understanding (MOUs) took place, covering cooperation in the economy, defense, aerospace, and AI. These agreements include initiatives for joint military training and industrial cooperation, such as a director-level joint committee on mineral resources.

President Lee's visit marks the first state visit by a South Korean president to Mexico in 16 years. As part of his visit, Lee paid tribute to Mexico's national heroes at a significant monument in Chapultepec Park.