Mexico, South Korea move closer to bilateral free trade agreement
Mexico Business News - 21 January 2026
Mexico, South Korea move closer to bilateral free trade agreement
Mexico and South Korea are moving forward to conclude a bilateral free trade agreement, a deal both governments view as key to deepening economic cooperation, reducing tariff barriers and providing greater certainty for Korean and Mexican companies operating in both markets. The push gained momentum during a visit by a delegation from South Korea’s National Assembly to Mexico’s Senate, where Mexican lawmakers highlighted the role of parliamentary diplomacy in accelerating dialogue and unlocking long-stalled trade negotiations. Legislators said the Mexican Congress will closely follow the process to help bring the agreement to fruition in the near term.
Diplomatic relations between Mexico and South Korea were formally established in 1962, though ties between the two nations date back more than a century. In 1905, nearly 1,000 Korean citizens settled in southeastern Mexico, laying the foundation for a historical relationship that has steadily deepened over time.
Since 2005, the two countries have maintained a strategic partnership focused on prosperity, expanding cooperation in areas including education, science and technology. Economically, bilateral trade currently totals about US$24.5 billion annually, positioning South Korea as one of Mexico’s most important Asian trading partners.
Trade Agreement Central to Bilateral Legislative Agenda
Joo Ho-young, Vice President, South Korea’s National Assembly, said Mexico is one of his country’s earliest strategic partners in Latin America and expressed confidence that Mexico’s regional leadership could help address challenges such as global supply chain disruptions and the need for stronger representation in international organizations.
He urged Mexico to formally resume free trade negotiations, noting growing concerns among South Korean companies operating in Mexico due to tariffs applied to goods from countries without active trade agreements. Joo also requested Mexico’s support for South Korea’s accession to the Pacific Alliance, the regional trade bloc comprising Mexico, Chile, Colombia and Peru.
Alejandro Murat, chairman of the Mexican Senate’s Foreign Relations Committee, said the proposals reaffirm Mexico’s commitment to multilateralism and agreed that a free trade agreement with South Korea is relevant to the country’s broader economic strategy.
Murat added that the Senate will work to streamline the process and called for the creation of a Korea Chamber of Commerce in Mexico to strengthen communication among authorities, legislators and economic stakeholders, helping advance negotiations.
Vice President of the Senate’s governing board Verónica Camino said she is prepared to collaborate on reviewing South Korea’s proposals and advancing toward a trade agreement. Senate Vice President Jorge Carlos Ramírez noted that both countries share the experience of operating alongside global superpowers, reinforcing their determination to chart independent development paths.
The renewed parliamentary engagement has raised expectations that Mexico and South Korea will finalize a free trade agreement that strengthens economic ties, boosts regional competitiveness and opens new opportunities for investment and industrial cooperation.
