'Mexico Market Entry Companies Meeting' Held
The Ministry of Trade, Industry and Energy announced that Jung In-kyo, the Chief Trade Negotiator, held a 'Meeting with Companies Operating in Mexico' on the 22nd at the Lotte Hotel in Seoul to assess the impact on Korean companies operating in Mexico in preparation for changes in the U.S. new administration's trade policy toward Mexico and to discuss response measures.
Mexico has recently been recognized as the biggest beneficiary of nearshoring amid the U.S.-led supply chain restructuring. Korean companies are also actively entering the market, mainly in the finished vehicle and auto parts sectors. Under the USMCA, the agreement among the U.S., Mexico, and Canada, duty-free trade is possible if the regional value content requirements are met, and the North American production requirement for eco-friendly vehicle subsidies under the Inflation Reduction Act (IRA) can be fulfilled. However, future policy changes such as the imposition of general tariffs by the new U.S. administration, USMCA review, and responses to China’s circumvention exports are expected to significantly affect Korean companies operating in Mexico.
Jung In-kyo, Head of Trade Negotiations at the Ministry of Trade, Industry and Energy, is presiding over a meeting with companies entering the Mexican market on the 22nd at Lotte Hotel, Sogong-dong, Seoul.
Chief Negotiator Jung said, "Mexico is a region where we must consider not only the new Mexican government but also changes in the U.S. new administration's trade policies," adding, "The government will closely monitor the trade policy trends of both new administrations and actively work to minimize management uncertainties for our companies by establishing and operating cooperation channels with the Mexican federal government as well as state governments where many of our companies have entered."
Following the meeting with companies operating in Mexico, the Ministry plans to hold meetings involving industry and support organizations targeting regions with active Korean company presence and large trade volumes with the U.S., such as Vietnam (on November 25), to closely discuss joint public-private response measures and continuously monitor the situation through global trade strategy meetings.
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