MEXICO CITY — President Lee Jae-myung said the two countries have "finally successfully concluded negotiations to revise the investment protection agreement after seven years," following a summit with Mexican President Claudia Sheinbaum on the 24th. The talks lasted a total of 119 minutes, including 44 minutes in a small-group session and 75 minutes in an expanded meeting.
Lee made the remarks in a joint press statement issued after the summit at the presidential palace in Mexico City, adding that the two sides "agreed to work together so that the revised agreement can take effect as soon as possible after going through the necessary procedures, including signing and parliamentary ratification." He also said the two countries had "newly established an institutional framework for smoother trade, including intellectual property protection and more active sharing of information on illegally cleared goods."
Lee said the "2026-2030 Korea-Mexico Joint Action Plan" had been adopted. "The two countries will now continue to identify results of cooperation in all areas, including trade, development cooperation, intellectual property, space, cultural heritage and education," he stressed.
The two countries also signed a memorandum of understanding on defense. Lee said they "agreed to explore ways for Korea to contribute to the military modernization Mexico is pursuing." On an MOU on aerospace industry cooperation signed the same day, Lee said, "Through the Korea-Mexico Space Day event to be held in Mexico in November, we will identify concrete projects to strengthen competitiveness in the aerospace industry." He added, "I asked for President Sheinbaum's special attention and support so that Korea's advanced defense technology can lead to local production in Mexico, contributing to strengthening Mexico's defense industry capabilities, and so that the two countries can jointly enter third-country markets."
The two sides also agreed to elevate cooperation on supply chains. Lee said they "agreed to launch a dialogue channel between the ministries of the two countries to discuss crude oil and critical resources in the area of supply chains." After expressing gratitude to Sheinbaum for providing significant help in supplying additional volumes of crude oil, Lee said, "Above all, I also said that concluding a trade agreement is essential to expanding trade and investment between the two countries and creating a stable business environment."
Earlier, in an interview released by the influential Mexican newspaper El Universal, Lee emphasized the close links between the two economies, saying it was "time to put in place an institutional framework befitting our solid economic cooperation," and proposed that the two sides "resume negotiations on an economic agreement between Korea and Mexico and pursue a social security agreement." The Presidential Office clarified the nature of the agreement, saying it would be discussions on an economic agreement for comprehensive cooperation covering trade, investment and supply chains, rather than a free trade agreement centered on market opening.
