Ministry of Trade Industry and Resources

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) signed the Korea–Mexico Initiative for Economic, Industrial and Resources Cooperation during President Lee Jae Myung’s state visit to Mexico. Korea and Mexico also agreed to launch a Joint Benefit Study in preparation for future trade agreement negotiations. In addition, the two countries held the Korea–Mexico Business Forum and K-Selection Plaza in Mexico City and signed four private-sector memoranda of understanding (MOUs), marking key economic diplomacy outcomes of the visit.

1. Korea and Mexico Sign Initiative for Economic, Industrial and Resources Cooperation

Following the Korea–Mexico summit on September 24, 2026, Minister Kim of MOTIR and Mexico’s Secretary of Economy Marcelo Ebrard signed the Initiative for Economic, Industrial and Resources Cooperation in the presence of the two presidents.

The two sides agreed that the initiative would provide an opportunity to strengthen bilateral economic cooperation and agreed to continue working together for mutual benefit. For its implementation, Korea and Mexico will establish a joint committee to discuss cooperation on minerals and resources and improvements to the business environment to protect the interests of companies operating in each country. The two sides also plan to strengthen cooperation between the Korea Trade-Investment Promotion Agency (KOTRA) and Mexico’s Global Economic Intelligence Unit (UIEG) to promote bilateral trade and investment.

2. Bilateral Meeting with Mexico’s Secretary of Economy Marcelo Ebrard

Minister Kim held a separate bilateral meeting with Mexico’s Secretary of Economy Marcelo Ebrard in Mexico City on September 25, 2026. Minister Kim made the case for a bilateral trade agreement and asked Secretary Ebrard to help address difficulties faced by Korean companies operating in Mexico.

Minister Kim noted that Mexico’s recent tariff increases on goods from countries with which it has no FTA have worsened the business environment for Korean companies operating in Mexico, not only causing losses but also reducing incentives for further expansion and investment in the country. He stressed the importance of a stable institutional framework for expanding bilateral trade and investment.

Minister Kim also emphasized that Korea is a reliable supply chain partner in developing the strategic industries promoted under the Mexican government’s Plan Mexico. He added that a bilateral trade agreement would take bilateral economic cooperation to the next level by strengthening cooperation in future industries and supply chains.

Minister Kim then outlined operational difficulties faced by Korean companies in Mexico, including customs clearance delays and port congestion, inadequate power infrastructure, and issues concerning automotive trade between Mexico and Brazil under Economic Complementation Agreement No. 55 (ACE 55). He requested active support from Mexico’s Ministry of Economy in addressing these issues.

The two sides agreed to launch a Joint Benefit Study to assess the potential benefits and broader effects of a bilateral trade agreement. They will also continue discussing specific areas of cooperation through the joint committee and working group, which they agreed to establish during the presidential visit.

3. Korea–Mexico Business Forum and MOU Exchange Ceremony

The Ministry of Trade, Industry and Resources (MOTIR) and the Korea Chamber of Commerce and Industry (KCCI, Chairman Chey Tae-won) held the Korea–Mexico Business Forum at the World Trade Center in Mexico City on September 25, 2026. Around 300 business representatives from the two countries attended the forum, along with President Lee Jae Myung and Mexico’s Secretary of Economy Marcelo Ebrard.

At the forum, companies from both countries, including Ernst & Young Han Young, Agon, NAVER, Kapital Grupo Financiero, HYBE LATIN AMERICA, MBC AMERICA and T1 Entertainment & Sports, presented major projects and examples of cooperation in investment, advanced industries and supply chains; emerging industries and energy; and cultural and creative industries. They also discussed new business opportunities and potential areas of cooperation between Korean and Mexican companies.

At an MOU exchange ceremony held during the forum in the presence of ministers from both countries, four MOUs were signed: a comprehensive cooperation MOU on aerospace industry development among POSCO International, Korea Aerospace Industries (KAI) and the Mexican Federation of Aerospace Industry (FEMIA); an investment MOU on a production base for industrial products in San Luis Potosí between HS Hyosung Advanced Materials and the Government of the State of San Luis Potosí; an MOU on expanding bilateral economic and trade cooperation between KCCI and the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE); and an MOU on trade and investment cooperation between KOTRA and COMCE. The agreements laid the groundwork for cooperation between companies and institutions in the two countries to develop concrete business projects.

“Korea and Mexico have developed close economic ties centered on manufacturing and supply chains, and growing bilateral investment and trade have steadily broadened the scope of cooperation,” Minister Kim said. “Building on the business forum and the MOUs signed on this occasion, the government will support efforts to expand cooperation into promising areas such as advanced industries, energy and strategic industries, digital technologies and biotechnology, creating new opportunities for both economies to grow together.”

4. K-Selection Plaza in Mexico City Accelerates Expansion into Latin American Markets

MOTIR and KOTRA held K-Selection Plaza in Mexico City on September 24 and 25, 2026, to support Korean consumer goods companies seeking to enter Latin American markets. The event included B2B exhibitions and business consultations and brought together 59 Korean companies, or 82 including online participants, and buyers from 123 companies, resulting in 730 business consultations. Power sellers from major local e-commerce platforms, including Amazon Mexico, Mercado Libre—Latin America’s largest e-commerce platform—and TikTok Shop, also participated, helping Korean companies develop sales channels in the region.

During his visit to the exhibition, Minister Kim encouraged participating companies and said, “Based on the local demand identified through this event, the government plans to expand cooperation with Mexico, a gateway to Latin America, beyond investment and supply chains to consumer goods, thereby providing full support for Korean companies seeking to enter Latin American markets.”