December 08, 2007

Korea, Mexico hold free trade negotiations

Korea and Mexico held their first round of negotiations this week on a free trade agreement aimed at tearing down market barriers between the two countries, Seoul’s officials said Saturday (Dec. 8).

During the three-day talks, which took place from Wednesday to Friday in Mexico City, both sides discussed ways of removing tariffs on merchandise, services, and other goods, the Ministry of Foreign Affairs and Trade said.

They also agreed to hold a second round of negotiations in Seoul next March, and plan to exchange tariff offers before they meet again, the ministry added.

According to government data, Korea exported $6.3 billion worth of goods to Mexico and imported $790 million in 2006.

Korea has free trade pacts with Singapore, the Association of Southeast Asian Nations (ASEAN), and the European Free Trade Association, which comprises Switzerland, Norway, Iceland and Liechtenstein.

In early June, Seoul also signed a free trade pact with the United States, which is currently awaiting legislative approval by both countries.