Lee calls trade deal with Mexico 'essential,' pledges joint study on shared interests

President Lee Jae Myung held a summit with Mexican President Claudia Sheinbaum at the National Palace in Mexico City on Thursday (local time) during his state visit to Mexico over the Chuseok holiday, announcing the adoption of the "2026–2030 Korea-Mexico Joint Action Plan."

Under the plan, the two countries intend to continue identifying areas of cooperation across trade, development cooperation, intellectual property, space, cultural heritage and education.

Speaking at a joint press statement immediately after the summit, Lee said he was "very pleased that on this meaningful day — Chuseok, South Korea's most important national holiday — the two countries have set out on a path of a great leap forward in cooperation."

The two sides agreed to strengthen institutional frameworks and financial and supply chain linkages to further expand trade and investment, while also seeking new opportunities for cooperation.

Lee said the two countries had "successfully concluded negotiations to revise the investment protection agreement, a process that had been ongoing for seven years," adding that both sides would work to bring the revised agreement into force as quickly as possible through the necessary procedures, including signing and National Assembly ratification.

The two countries also agreed to establish a $100 million on-lending facility between their respective export-import banks, enabling Mexican companies purchasing South Korean goods and services — as well as South Korean companies that have invested in Mexico — to access financial support.

On supply chains, the two countries agreed to launch an inter-ministerial dialogue channel to discuss crude oil and critical resources.

Lee thanked Sheinbaum for her assistance, saying that "since our phone call in May, President Sheinbaum has been of great help in securing additional crude oil supplies for our companies," and that both sides had agreed to continue cooperating to ensure stable crude oil imports.

"Above all, I conveyed that concluding a trade agreement is essential to expanding bilateral trade and investment and creating a stable business environment," Lee added. "Going forward, our trade authorities will conduct a joint study on shared interests so that we can together explore ways to build a more mutually beneficial economic partnership."

The two countries also agreed to broaden the scope of cooperation into future high-technology sectors, including AI and digital industries, aerospace and defense.

Lee announced that a public-private delegation of South Korean government officials and businesses would visit Mexico in November to discuss ways to accelerate digital cooperation. He said the two sides would use a "Korea-Mexico Space Day" event to be held in Mexico in November to identify specific projects for strengthening competitiveness in the aerospace industry.

On defense cooperation, Lee said both sides had agreed to explore ways South Korea could contribute to Mexico's ongoing military modernization. He expressed hope for "special attention and support" so that South Korea's advanced defense technology could lead to local production in Mexico, enabling the two countries to jointly enter third-country markets.

On culture, Lee said the two sides had agreed to continue discussing the establishment of relevant facilities in Mexico "so that the Mexican people can experience K-culture more frequently and easily," and that a working group would be set up before the end of this year to create an environment for joint content production and to cooperate on nurturing talent in the field.

Lee also said the two countries had "put in place concrete cooperation frameworks and implementation plans across a range of livelihood areas where we can share each other's expertise, including public safety, agriculture and anti-corruption," and had "built an institutional foundation for cooperation on transnational crimes such as online fraud, human trafficking and narcotics."

The two leaders also agreed to hold a workshop to exchange anti-corruption policies and systems.

Lee said the two sides would also establish institutional frameworks for cooperation on agricultural technology, strengthened safety management of Mexican fishery products imported into South Korea, and the issuance of sanitary certificates for Mexican livestock products.

On the Korean Peninsula, Lee said Sheinbaum had "expressed clear support for and willingness to cooperate with our policy of peaceful coexistence on the Korean Peninsula," and that the two countries would continue to work closely together for peace and stability on the peninsula and in the international community.