MEXICO CITY — President Lee Jae-myung said he and Mexican President Claudia Sheinbaum adopted the 2026-2030 Korea-Mexico Joint Action Plan at a summit on the 24th.
"The two countries will now continue to identify results of cooperation across all areas, including trade, development cooperation, intellectual property rights, space, cultural heritage and education," Lee said. The meeting ran a total of 119 minutes, with 44 minutes in a small-group session and 75 minutes in an expanded session.
Lee announced the joint action plan in a joint press statement issued after the summit with Sheinbaum at the National Palace in Mexico City. "The two countries have finally concluded, successfully, negotiations to revise the investment protection treaty that had run for seven years, and we agreed to work together so that the revised treaty can take effect promptly after the necessary steps, including signing and parliamentary ratification," he said. Lee also said the two sides "newly established an institutional framework for smoother trade, covering protection of intellectual property rights and more active sharing of information on illegally cleared goods."
The two countries also signed a memorandum of understanding on defense. "We agreed to explore ways for Korea to contribute to the military modernization Mexico is pursuing," Lee said. 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 that he had "asked for President Sheinbaum's particular attention and support so that Korea's excellent 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 raise the level of cooperation on supply chains. "On supply chains, we also agreed to launch a dialogue channel between ministries of the two countries to discuss crude oil and critical resources," Lee said. After thanking Sheinbaum for her considerable help in supplying additional volumes of crude oil, Lee said, "Above all, I also noted that concluding a trade agreement is essential to expanding trade and investment between the two countries and creating a stable business environment."
In an interview released earlier by the major Mexican newspaper El Universal, Lee stressed the close links between the two economies, saying it was "time to put in place an institutional framework befitting solid economic cooperation" and proposing 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, describing it as talks on an economic agreement for comprehensive cooperation covering trade, investment and supply chains, rather than a free trade agreement centered on market opening.
