Korea and Mexico have established a framework to facilitate a trade agreement and strengthen cooperation in mineral resource supply chains. A new $100 million financing limit has been set for advanced industries such as information and communication technology (ICT), automotive, and biotechnology to support Korean companies entering the Mexican market.
President Yoon Suk Yeol and Mexican President Claudia Sheinbaum held a summit on September 24 at the presidential palace in Mexico City, where they participated in a ceremony to exchange memorandums of understanding (MOUs) between the two countries.
The documents exchanged included seven agreements on scholarship and academic exchanges, the establishment of an international development cooperation forum, cultural cooperation, tourism cooperation, an economic and industrial resource cooperation initiative, customs cooperation, and financing. Including additional documents signed by relevant ministries and agencies, a total of 17 agreements were reached during the summit.
The economic and industrial resource cooperation initiative is highlighted as a key achievement. The two countries agreed to establish a joint committee at the director level and operate working groups to exchange statistics and information related to mineral resources and share sustainable mining technologies and experiences.
This initiative aims to facilitate the signing of a trade agreement and establish an institutional framework for industrial and resource cooperation, effectively creating a channel for advancing discussions on the long-stalled Korea-Mexico economic agreement.
Financial support will also be enhanced. The Korea Export-Import Bank and the Mexican Foreign Trade Development Bank signed an MOU on financing, establishing a new $100 million financing limit. The focus areas for cooperation include ICT, automotive, and biotechnology, providing a financial support base for Mexican companies purchasing Korean goods and services and for Korean companies entering the local market.
In customs, the two countries will expand the exchange of risk information regarding drug trafficking, counterfeit goods, and circumvention of exports. They also agreed to share experiences in utilizing AI-based advanced inspection equipment and digital technologies to support local customs clearance for Korean export companies.
The scope of cooperation in advanced industries and security will also be significantly expanded.
Through a separate 'AI Cooperation Declaration,' the two countries agreed to collaborate on the implementation of the APEC AI Initiative led by Korea. In 2028, when Mexico holds the APEC presidency, they plan to jointly host a mid-term review meeting to assess the progress of the 'APEC AI Initiative 2025-2030.'
The defense cooperation MOU includes the exchange of defense-related information and experiences, military education and training, defense research and development, and cooperation in the defense industry. This establishes an institutional framework to link Mexico's military modernization and maritime security needs with Korea's defense industry.
Notably, the MOU on aerospace industry cooperation signed between Korea Aerospace Industries (KAI), POSCO International, and the Mexican Aerospace Industry Association includes collaboration on the operation and maintenance technology of KAI platforms such as the FA-50, unmanned aerial vehicles, and satellites.
Both sides will also work on establishing a local supply chain in Mexico, financial cooperation, and training professionals. They are considering the possibility of industrial cooperation with local companies for the local production of aerospace products developed and produced by KAI, starting with the FA-50 and expanding to unmanned vehicles, satellites, and airframe structures.
In the space sector, they will establish a cooperation system for peaceful space exploration and utilization, promoting joint research and technological cooperation in space science, information and communication, launch systems, and technology development.
Through the cultural cooperation MOU, they will expand joint creation and production in the cultural and artistic sectors and establish a working group to discuss the utilization of cultural facilities such as K-Culture Centers. The existing cooperation, which focused on film and publishing, will be expanded to encompass the entire cultural and artistic industry.
Additionally, the two countries will pursue the establishment of Korea's first bilateral scholarship program targeting Latin American countries and resume the Korea-Mexico Joint Committee on Economic Science and Technology, which has been inactive since 2015. In the area of public safety, they will establish cooperation channels for joint responses to transnational crime, exchange of criminal information, and apprehension and extradition of fugitives.
This summit marks the first state visit to Mexico by a Korean president in 16 years. Mexico is Korea's largest trading and investment partner in Latin America, with over 560 Korean companies operating in the country.
President Yoon began his official schedule with a wreath-laying ceremony at the Heroic Children’s Monument in Chapultepec Park. He then attended an official welcome ceremony at the presidential palace, followed by a one-on-one meeting and a luncheon with President Sheinbaum.
After the MOU exchange ceremony, the two leaders will hold a business roundtable and a joint press conference. President Yoon will also attend a welcome ceremony at the Senate and meet with the Senate Speaker before attending a state dinner in the evening.
* This article has been translated by AI.
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