Agreement to Designate 'Korean Business Support Desk' as Communication Channel for Korean Companies in Mexico's Ministry of Economy
Request for Support of Director Yoom Young-hee in WTO Director-General Election
Meeting Held with Representatives of Korean Companies Operating in Mexico
[Asia Economy Reporter Lim Cheol-young] Kim Geon, Deputy Minister of Foreign Affairs, visited Mexico and held meetings with key officials from the Ministry of Foreign Affairs and the Ministry of Economy. He met with the president of the Mexico-Korea Parliamentary Friendship Association and representatives of Korean companies operating in Mexico, initiating a full-scale diplomatic effort in preparation for the post-COVID-19 era. This visit marks the first trip to Latin America by a senior official of our government since the outbreak of the novel coronavirus disease (COVID-19).
During his two-day visit to Mexico from the 19th to the 20th, Deputy Minister Kim met with key figures including Julian Ventura, Deputy Minister for Bilateral Affairs of the Ministry of Foreign Affairs; Maria del la Mora, Deputy Minister for Trade of the Ministry of Economy (via video conference); Jesus Seade, Deputy Minister for North America of the Ministry of Foreign Affairs; and David Bautista Rivera, president of the Mexico-Korea Parliamentary Friendship Association. He also held discussions with representatives of Korean companies operating in Mexico and the Mexico Business Coordination Committee.
Mexico, with a population of 120 million, is the world's 15th largest economy and Korea's largest trading partner in Latin America, as well as a key investment destination with over 400 Korean companies established there. Especially following the COVID-19 pandemic, with the restructuring of the global value chain (GVC) and the implementation of the USMCA (the new NAFTA), Mexico's importance is increasing as a production and investment hub in North America and a foothold for entry into Latin America. Despite the COVID-19 situation, the two countries have expanded cooperation in quarantine and healthcare through the Korean government's humanitarian aid to Mexico, export of medical and quarantine supplies to Mexico, and clinical cooperation on COVID-19 treatments.
During this visit, Deputy Minister Kim exchanged views on various issues including COVID-19 cooperation between the two countries, trade and investment cooperation, and requested support for Yoo Myung-hee, head of the Ministry of Trade, Industry and Energy's Trade Negotiations Headquarters, who has advanced to the final round of the World Trade Organization (WTO) Director-General election.
Deputy Minister Kim particularly conveyed the difficulties faced by Korean companies to various Mexican stakeholders to help them adapt well to the changing environment in Mexico following the implementation of the USMCA. He and Maria del la Mora, Deputy Minister for Trade of the Ministry of Economy, agreed to designate a ‘Korean Business Support Desk’ within the Mexican Ministry of Economy to serve as a communication channel for inquiries from Korean companies.
Furthermore, in light of the growing interest in the Mexican market due to the restructuring of the global value chain (GVC), Deputy Minister Kim emphasized the necessity of concluding the Korea-Mexico Free Trade Agreement (FTA) and revising the investment protection agreement. He requested Mexico's active understanding and cooperation to strengthen economic cooperation frameworks between the two countries. He also asked the Mexican side to support Korea's accession as an associate member of the Pacific Alliance (PA) and to consider joining the International Vaccine Institute (IVI).
In response, Mexican political, governmental, and business figures acknowledged that Deputy Minister Kim's visit is the first by a foreign senior official since COVID-19 and expressed their intention to expand practical cooperation in various fields such as trade and investment, energy and infrastructure, and healthcare, to develop bilateral relations more maturely and with a future-oriented perspective.
Additionally, Mexican officials evaluated Korea's active role as the chair country of MIKTA this year following last year's chairmanship in Mexico, including representing MIKTA at the UN 75th anniversary high-level meeting and facilitating joint remarks by President Moon Jae-in. They pledged to actively cooperate to revitalize MIKTA cooperation. Mexican officials also agreed that the Korean candidate advancing to the final round of the WTO Director-General election is an excellent candidate with extensive trade experience encompassing both developing and developed countries.
Both sides agreed to actively prepare various activities to ensure that the 60th anniversary of Korea-Mexico diplomatic relations in 2022 serves as an opportunity to elevate bilateral relations, while resuming high-level exchanges such as the Korea-Mexico High-Level Policy Consultations.
An official from the Ministry of Foreign Affairs explained, "Deputy Minister Kim's visit to Mexico is significant as it marks the resumption of face-to-face diplomacy between the two countries after COVID-19, actively conveying the intention to strengthen relations with Mexico. It also established the starting point for full-scale post-COVID economic cooperation by agreeing to introduce institutional measures to support the activities of Korean companies, such as the designation of the ‘Korean Business Support Desk.’"
Deputy Minister Kim Geon held a meeting with representatives of Korean companies that have entered the Mexican market on the 19th.
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