Seoul: Trade Minister Yeo Han-koo announced on Friday his impending visit to Mexico next week, aiming to enhance outreach efforts to restart free trade agreement (FTA) negotiations between South Korea and Mexico. During his visit, Yeo intends to meet with key Mexican officials, including the secretary of economy and lawmakers, to advocate for the quick resumption of bilateral FTA discussions and address concerns of Korean companies regarding the planned review of the trilateral trade pact among Mexico, the United States, and Canada.

According to Yonhap News Agency, Yeo highlighted the significant challenges faced by Korean companies due to recent shifts in Mexico's trade policies. In a meeting with Korean businesses operating in Latin America, he emphasized the importance of addressing these issues during his trip. Mexico has been a crucial manufacturing hub for Korean enterprises, facilitating the import of intermediate goods to produce finished products for export across North America under the U.S.-Mexico-Canada Agreement (USMCA).

However, Korean companies are currently navigating increased uncertainties due to the forthcoming review of the USMCA. Additionally, Mexico's recent tariff hikes on imports of automobiles, auto parts, textiles, steel, and other goods from countries without an FTA have further complicated the business landscape for Korean firms.

Yeo stressed the urgency of pursuing the Korea-Mexico FTA not just as a means of economic collaboration but as a strategy to restore export competitiveness and ensure a stable business environment for Korean companies. He committed to making "utmost" efforts to expedite the resumption of FTA negotiations with Mexico.