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PRESS RELEASES

Korea and Mexico Agree to Enhance Economic Cooperation

  • DivisionInternational Economic Affairs Bureau - Trade Policy Division
  • DateOctober 11, 2018
  • Tel044-215-7674

1st Korea-Mexico Economic Cooperation and Knowledge Sharing Committee

 

Korea and Mexico Agree to Enhance Economic Cooperation

 

 

Deputy Prime Minister Kim Dong Yeon attended the 1st Korea-Mexico Joint Committee on Economic Cooperation and Knowledge Sharing[1] held on October 10 in Seoul, and signed an agreement with Mexico’s Finance Minister Jose Antonio Gonzalez Anaya to strengthen economic cooperation. During the meeting, both sides introduced their economic policies, and discussed ways to expand bilateral trade and investment, as well as ways to work closely in new growth industries.

 

DPM Kim emphasized the importance of bilateral economic cooperation as both countries are members of MIKTA.[2] DPM Kim expressed gratitude for Mexico’s role in supporting Korea’s associate membership to the Pacific Alliance.[3] DPM Kim also requested Mexico’s cooperation in sharing information about the progress of the CPTPP.[4]

 

Both sides shared the same view on the importance of bilateral trade relations as Mexico is Korea’s second largest trade partner after the US in the regions of Americas. The two countries agreed on the need to increase cooperation in future growth engines, such as fintech.

 

The details of the agreement include the following:

 

- Work to prevent protectionism: Closely cooperate to prevent the spread of protectionism and promote free trade at the G20 and IMF meetings

- Promote future growth: 1) Continue to cooperate through Korea’s Knowledge Sharing Program (KSP), which has operated successfully since 2012, 2) Boost Korean companies’ investment opportunities in Mexico through public-private partnerships and special economic zones, 3) Work to find new opportunities in the digital era and increase cooperation in fintech

- Increase market access in Latin America: Mexico’s support for Korea’s associate membership in the Pacific Alliance will provide increased opportunities for Korean companies in Latin America and help improve their business operation.[5]

 

This joint committee has provided a framework for systematic and long-term economic cooperation between the two countries. The 2nd Korea-Mexico Joint Committee on Economic Cooperation and Knowledge Sharing will be held in Mexico during the second half of 2019.

 

[1] It is the first ministerial-level economic cooperation channel between Korea and Mexico.

[2] A consultative body established in 2013 by Mexico, Indonesia, Korea, Turkey and Australia

[3] A regional trade bloc formed by Mexico, Chile, Peru and Colombia

[4] Comprehensive and Progressive Agreement for Trans-Pacific Partnership

[5] The government has urged cooperation from Mexico to resolve difficulties experienced by the Korean companies operating in Mexico. The requests include an end to import restriction on cold-rolled steel, a fair and prompt procedure for claiming duty drawbacks, lifting tariffs on steel products, etc.

 

Please refer the attached PDF