President Lee Jae-myung held a summit with Mexican President Claudia Sheinbaum at the Presidential Palace in Mexico City on the 24th (local time), adopting the “2026–2030 South Korea–Mexico Joint Action Plan.” It marked the first state visit to Mexico by a South Korean president in 16 years.
At a joint press conference following the summit, the two leaders agreed on the need to conclude a trade agreement between the two countries and decided to pursue joint research between their respective trade authorities. “I conveyed that concluding a trade agreement is essential to expand trade and investment between our two countries and to create a stable business environment,” President Lee said.
On the occasion of the summit, the two governments signed 17 cooperation documents. These included an economic and industrial-resources cooperation initiative, an artificial intelligence (AI) cooperation declaration, a defense cooperation MOU, and an aerospace industry cooperation MOU. The two sides also concluded seven years of negotiations to revise their investment protection agreement. The revised agreement will take effect after future signature and parliamentary ratification.
Ahead of the summit, President Lee emphasized in a written interview with local daily El Universal that “there is enormous room for bilateral cooperation in the strategic industrial sectors the Mexican government is pursuing, and I am particularly focused on the electric vehicle sector.” Referencing Kia Motors’ investment in an EV production plant in Nuevo León, Mexico, he said, “If Mexico’s world-class automotive industry base and supply chain are combined with South Korea’s competitiveness in batteries and EV components, it will create significant synergies and open opportunities to expand cooperation.”
Trade Agreement: A Different Approach from an FTA
The core agenda of the summit was the conclusion of a bilateral trade agreement. However, the South Korean presidential office explained that “the two sides continue consultations to pursue comprehensive economic cooperation covering trade, investment, and industrial supply chain cooperation, but this is being discussed as an economic agreement for comprehensive cooperation, not a market-opening-focused FTA.”
South Korea and Mexico began FTA negotiations in 2006 but made no progress. Although the two countries officially declared a resumption of negotiations in March 2022, no actual negotiations have taken place to date. Mexico is South Korea’s largest trading partner in Latin America, with auto parts and steel among the main export items.
In the interview, President Lee said, “Mexico is a key axis connecting the North American and Latin American economies, built on a solid manufacturing base and abundant human resources,” adding that “it is time to establish an institutional framework befitting our robust economic cooperation.” He stressed the need to resume South Korea–Mexico FTA negotiations, pursue a social security agreement, and strengthen investment protection mechanisms.
The two countries agreed to establish a joint committee with director-general-level government officials from both sides to share mineral resource statistics and related information. The South Korean government said the move “facilitates the conclusion of a bilateral trade agreement and lays the institutional foundation for industrial resource cooperation.”
The South Korea–Mexico Joint Economic, Scientific and Technological Committee, which has been suspended since 2015, will also resume. The two countries agreed to jointly identify cooperation agendas in economic cooperation, economic security, supply chains, science, and technological innovation.
Defense cooperation was also a key agenda item. President Lee said, “I requested President Sheinbaum’s special attention and support so that South Korea’s excellent defense technology can lead to local production in Mexico, contributing to strengthening Mexico’s defense industry capabilities and enabling our two countries to jointly enter third-country markets.” In the interview, he emphasized that “in Mexico’s Air Force fighter modernization program, South Korea’s FA-50 can lay the foundation for mutually beneficial cooperation based on its outstanding performance and price competitiveness.”
Cultural and content cooperation will also expand. President Lee said, “From K-pop to K-beauty and K-food, the Mexican people’s affection for Korean culture is extraordinary,” adding, “We agreed to continue discussions on building related facilities in Mexico so that the Mexican people can experience K-culture more frequently and easily.” The two sides also agreed to establish a working group within this year to create an environment for joint content production and to nurture related talent.
South Korean Companies’ Investment in Mexico
In the interview, President Lee noted that “approximately 500 South Korean companies have invested about $13.3 billion in Mexico, creating 150,000 jobs and contributing to Mexico’s development.” He emphasized that “for South Korean companies, Mexico is more than just a production base—it is a key strategic foothold for entering the North American and global markets.”
President Lee praised President Sheinbaum’s leadership, saying, “Her direct communication with the people every morning and her weekend visits across the country to hear voices from the field demonstrate a genuine commitment to always being close to the people.” He added, “Her strong interest in advancing women’s rights and her vision for the nation’s future resonate deeply not only in South Korea but with many women around the world.”