Finance
S. Korea in close consultation with Mexico to resume FTA talks: ministry
Published : Nov 9, 2021 - 11:04
Updated : Nov 9, 2021 - 11:04

(Yonhap)
South Korea and Mexico have "closely discussed" the possible resumption of negotiations for a bilateral free trade agreement, an official of Seoul's trade ministry said Tuesday.

The two nations began talks on a strategic economic complementary agreement in 2006, but the negotiations have been stalled since 2008 amid opposition from businesses in the Latin American country.

"The two sides have been in close consultation on whether to resume talks for the bilateral FTA," Chun Yoon-jong, director general for FTA negotiations at the Ministry of Trade, Industry and Energy, said during a meeting with trade experts.

Mexico is South Korea's largest export destination in the Central and South American region, and the two sides have "complementary trade structures" so that a free trade agreement, if clinched, is expected to create huge economic effects, he noted.

South Korea mainly sells vehicles, chips and steel products to Mexico, and Mexico's major export items are oil, minerals and auto parts.

During the meeting, the participants said a free trade deal with the Gulf Cooperation Council (GCC) nations is expected to have positive impacts on the Korean economy.

The two sides recently agreed to push to restart their free trade talks that have been suspended for a decade. The GCC has six member nations -- the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. (Yonhap)

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