South Korean President Lee Jae Myung on Friday called for a swift resumption of negotiations for a trade agreement between South Korea and Mexico, saying it will further elevate bilateral economic cooperation that he said is already contributing significantly to the Mexican economy and job creation.
The president made the call during a South Korea-Mexico business forum in Mexico City, where he is currently on a state visit.
"Mexico is South Korea's largest trading partner in Central and South America. For Mexico, South Korea is the fifth-largest trading partner with bilateral trade reaching $20.6 billion last year," the president pointed out.
"Despite this brilliant outcome, the two economies have yet to have a comprehensive trade agreement," the president noted.
The president stressed that amid growing uncertainties in the global trade environment, there is a need to strengthen the institutional framework to help companies pursue business opportunities with greater certainty.
"Given the mutually complementary structures of the two economies, a trade agreement between South Korea and Mexico will certainly become a solid foundation for elevating bilateral economic cooperation to a higher level," Lee told the meeting, attended by top business leaders from both South Korea and Mexico.
A presidential official later said on condition of anonymity that Lee was referring to a comprehensive economic partnership agreement when he called for a swift resumption of negotiations for a trade agreement.
A CEPA is a type of free trade agreement that promotes broader economic cooperation beyond market liberalization, including investment and other areas of economic collaboration.
Friday's event came one day after Lee and Mexican President Claudia Sheinbaum agreed to a comprehensive action plan designed to boost their countries' bilateral cooperation in advanced industries, including the artificial intelligence (AI), defense and aerospace sectors, among others.
Lee, in particular, stressed the need to strengthen bilateral cooperation in trade and supply chains for advanced industries, calling Mexico "a main axis" of North American supply chains and a global manufacturing hub for automobiles, electronics, aerospace and other advanced industries.
"The exceptional manufacturing capabilities of Mexico and its access to the North American market, as well as South Korea's proven technology, innovative capabilities and industrial competitiveness, will provide broader and more prosperous opportunities for growth for both countries," Lee said.
The president also called on the countries to expand their cooperation into future industries and the energy sector while stepping up exchanges and collaboration in the cultural industry.
Referring to the countries' six-decades-old diplomatic relations, the South Korean president called for the "opening of a new six decades for mutual prosperity."
Later in the day, Lee, accompanied by first lady Kim Hea Kyung, visited an exhibition in Mexico City showcasing South Korean products.
Lee toured booths operated by several South Korean companies, including beauty giant Amorepacific, Samsung Electronics, LG Electronics and Nongshim, tasting instant noodles and taking selfies with exhibition visitors.
Additionally, Lee and the first lady visited a K-pop dance event in Mexico City and watched and cheered for participants dancing along to K-pop music, including BTS' "Dynamite," presidential senior secretary for public affairs Seong Ghi-hong said.
Seong quoted the first lady as saying, "I heard BTS saying that they were surprised by your enthusiastic cheers when they visited Mexico in May." (Yonhap)