MEXICO CITY — President Lee Jae-myung held a summit with Mexican President Claudia Sheinbaum on the 24th and agreed to deepen cooperation on supply chains. "We have also agreed to launch a dialogue channel between the two countries' ministries to discuss crude oil and critical resources in the area of supply chains," Lee said. The talks ran for a total of 119 minutes, with 44 minutes in a small-group session and 75 minutes in an expanded session.
At a joint press statement following the summit at the presidential palace in Mexico City, Lee thanked Sheinbaum for her substantial help in securing additional crude oil supplies, then said: "Above all, I also noted that concluding a trade agreement is essential to expanding trade and investment between our two countries and creating a stable business environment."
Lee also announced that the "2026-2030 Korea-Mexico Joint Action Plan" had been adopted. "The two countries will now continue to identify cooperative achievements across all areas, including trade, development cooperation, intellectual property rights, space, cultural heritage and education," he said.
"The two countries have finally and successfully concluded negotiations to revise the investment protection agreement, a process that took seven years, and we agreed to work together so that the revised agreement can take effect as soon as possible after the necessary procedures, including signing and National Assembly ratification," Lee said. He added: "For smoother trade, we have also newly established an institutional framework for protecting intellectual property rights and stepping up the 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 the 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 the competitiveness of the aerospace industry." He added: "I 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."
In an interview released the previous day by the leading Mexican outlet El Universal, Lee stressed the close ties between the two economies, saying, "It is time to put in place an institutional framework befitting our solid economic cooperation," and proposed, "Let us resume negotiations on an economic agreement between Korea and Mexico and pursue a social security agreement." The Presidential Office clarified the nature of the pact, saying the discussions concern an economic agreement for comprehensive cooperation in areas such as trade, investment and supply chains, rather than a free trade agreement centered on market opening.
