Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Carlos Peñafiel Soto, Ambassador of Mexico to Korea, on April 30, 2026, to discuss economic and trade cooperation between Korea and Mexico.

The meeting was held amid growing uncertainty in the global trade environment as protectionist measures spread. Discussions focused on expanding economic cooperation with Mexico, Korea’s largest trading partner in Latin America, and addressing business challenges facing Korean companies.

Both sides agreed that a Korea–Mexico FTA would help expand bilateral trade and investment. They also agreed to continue high-level consultations to resume the negotiations, which have been suspended since 2022, as soon as possible.

Trade Minister Yeo raised concerns from Korean industry over key trade issues, including Mexico’s tariff increases, which have been in effect since January 2026, and the July 2026 review of the United States–Mexico–Canada Agreement (USMCA). He requested Mexico’s close attention so that Korean companies operating in the country can continue to do business in a stable environment.

“Mexico is a key gateway for Korean companies to enter Latin American markets and join USMCA supply chains,” Trade Minister Yeo said. “We will continue working closely with Mexico to deliver practical outcomes that help Korean companies expand exports and maintain stable local operations.”