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Mexico and South Korea start negotiations for a Free Trade Agreement

Mexico City, Mexico — During a meeting earlier this week, authorities report that Mexico and South Korea have outlined a Free Trade Agreement. During the March 1 meeting between the Secretary of Economy, Tatiana Clouthier and the Minister of Commerce of the Republic of Korea, Mr. Han-koo Yeo, both sides agreed to resume negotiations for a Free Trade Agreement (FTA).

Within the framework of the 60th anniversary of diplomatic relations between Mexico and the Republic of Korea, both officials reaffirmed their commitment to work together to strengthen their trade and economic relationship.

The negotiations also seek to consolidate a modern Mexico-Korea FTA that allows both countries to face challenges and take advantage of the opportunities of the 21st century, establishing an institutional framework that reduces barriers in the trade of goods and services, and that facilitates mutual investment and technological exchange.

The FTA will lay a solid foundation for strengthening cooperation on emerging trade-related issues, including supply chain resilience, environmental sustainability and digital transformation.

Both sides also celebrated the start of negotiations for South Korea’s entry into the Pacific Alliance as an Associated State during the first half of 2022, in accordance with the Declaration of Bahía Málaga, Colombia.

Clouthier says the FTA between the two countries will strengthen trade cooperation and supply chains in addition to promoting environmental sustainability and digital transformation.

Both sides are hoping to formalize a Free Trade Agreement within coming weeks.