Mexico to Restart Free-Trade Talks with South Korea

By Anthony Harrup

MEXICO CITY--Mexico and South Korea plan to restart negotiations this year on a free-trade agreement, the Economy Ministry said Wednesday.

The aim of the agreement will be to lower barriers to trade in goods and services, strengthen supply chains, and to facilitate investment and technology exchange, the ministry said.

Economy Minister Tatiana Clouthier met Tuesday in Mexico City with South Korean Trade Minister Yeo Han-koo. A preliminary meeting on trade talks is planned for this month with the aim of starting negotiations in the first half of the year.

The two countries had failed to reach an accord in previous free-trade negotiations.

Mexico's goods trade with South Korea totaled $25.8 billion in 2021, with exports of $6.7 billion to the Asian country and imports of $19.1 billion, according to ministry data. Mexico's exports to South Korea include crude oil, metals, and ores and food products, while imports include electronics components, vehicles and auto parts.

South Korea is also seeking to join the Pacific Alliance--Mexico, Chile, Colombia and Peru--as an associate member.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

03-02-22 1255ET