President Lee Holds Dramatic Summit with Trump in New York, Proposes CEPA in Mexico After Overseas Tour

Wrapping Up a Seven-Day, Five-Night Tour of New York and Mexico
30-Minute Summit with Trump Amid Progress on U.S. Investments
Follow-Up Talks Agreed on Nuclear Submarines, Enrichment/Reprocessing, and Wartime Operational Control
At the United Nations: Presenting Three Pillars for Peaceful Coexistence and the K-Initiative
Promoting Korea’s Capital Market Reforms to Wall Street
Finalizing Amendments to the Mexico Investment Protection Agreement
Joint Study on Trade Agreement and Expanded Partnerships Including the FA-50

President Lee Jae-myung secured momentum for follow-up discussions on key economic and security issues between South Korea and the United States during his seven-day, five-night tour spanning New York and Mexico, while also expanding the scope of cooperation with Mexico to areas including investment, trade, supply chains, and advanced industries. At the United Nations General Assembly, President Lee presented his vision for peace and coexistence on the Korean Peninsula and introduced the "K-Initiative" to the international community. He also explained South Korea’s plans for foreign exchange and capital market reform and advanced industry investment to Wall Street investors. In Mexico, he concluded the renegotiation of the investment protection agreement, which had been ongoing for seven years, and agreed to initiate joint research toward a Comprehensive Economic Partnership Agreement (CEPA).

President Lee Jae-myung, who is visiting the United States to attend the United Nations General Assembly, is holding a summit meeting with U.S. President Donald Trump at a hotel in New York on the 22nd (local time). 2026.9.23 Yonhap News Photo by Yonhap News

Progress in U.S. Investment, 30-Minute Summit... Follow-up Talks on Nuclear Submarines and Wartime Operational Control

A remarkable highlight of the New York schedule was the dramatic success of a summit meeting with U.S. President Donald Trump, which had been uncertain in advance. With significant last-minute breakthroughs in discussions over strategic investment projects between South Korea and the U.S., the meeting quickly took shape, and the two leaders sat down for approximately 30 minutes on the 22nd (local time).

The two leaders welcomed the progress in their strategic investment talks and agreed to continue follow-up discussions on the basis of the joint explanatory material prepared in November of last year. Topics to be addressed include nuclear-powered submarines, uranium enrichment and spent fuel reprocessing, cooperation in shipbuilding, and the transfer of wartime operational control. President Trump also reiterated his willingness to engage in dialogue with North Korea. The leaders agreed to share the roles of "peacemaker" and "pacemaker"—opening the door to dialogue with North Korea and maintaining close communication to achieve sustainable peace on the Korean Peninsula.

This summit also reaffirmed that security topics, which had seen slow progress, will be elevated to the level of direct follow-up consultations between heads of state, alongside advancements in the economic agenda of U.S. investment. Notably, this was the first time the issue of wartime operational control transfer was brought to the summit table. However, for issues such as nuclear-powered submarines, uranium enrichment and reprocessing, and the transfer of operational control, no specific timelines or implementation methods were agreed upon at this meeting; further details will need to be discussed in future high-level and working-level talks between the two countries.

President Lee Jae-myung is delivering a keynote speech at the UN General Assembly Hall in New York, USA, on the 22nd (local time). 2026.9.23 Yonhap News Agency

At the United Nations: 'Peaceful Coexistence'... On Wall Street: Promoting Foreign Exchange and Capital Market Reforms

In his keynote address at the 81st United Nations General Assembly, President Lee outlined his three main visions for peace on the Korean Peninsula: inclusive coexistence with mutual respect, stable coexistence without the need for conflict, and responsible coexistence contributing to global peace. He reaffirmed his step-by-step approach, stating that North Korea's advancement of nuclear and missile capabilities should be halted and rolled back as part of a long-term goal of establishing a "nuclear-free Korean Peninsula." South Korea plans to play the role of "pacemaker" to ensure swift resumption of dialogue between North Korea and the United States.

He proposed the "Global AI Basic Society," "Green Transition," and "Global Energy Supply Chain Alliance" as the three core components of the K-Initiative to the international community. The initiatives signify South Korea's intention not only to lead on Korean Peninsula issues but also to expand its international role in addressing global challenges such as AI, the climate crisis, and the energy supply chain. He also advocated for the formation of a "Constructive Contributors Alliance" to help manage supply chain disruptions for energy and logistics in key regions such as the Hormuz Strait and the Red Sea.

President Lee’s economic diplomacy extended to Wall Street. At the "Korea Investment Summit 2026" on the 23rd, he met with global financial leaders—such as Larry Fink, Chairman of BlackRock; Jane Fraser, CEO of Citigroup; and Emmanuel Roman, CEO of Pimco—where he outlined Korea's growth strategy and investment opportunities. He sought investments in three major megaprojects: semiconductors, physical AI, and AI data centers, as well as in next-generation sectors like small modular reactors (SMRs) and nuclear fusion.

President Lee Jae-myung is speaking at the 'Korea Investment Summit 2026' held at a hotel in New York, USA, on the 23rd (local time). From left, Timothy Geithner, Chairman of Warburg Pincus; Larry Fink, Chairman of BlackRock; President Lee Jae-myung; Jane Fraser, CEO of Citigroup; Emmanuel Roman, CEO of PIMCO. September 23, 2026. Photo by Yonhap News Agency.

President Lee also expressed his commitment to reforming the market system. He introduced his three rounds of amendments to the Commercial Act, which included the fiduciary duties of directors to shareholders and the principle of canceling treasury shares, and explained the move toward a 24-hour foreign exchange trading system. For Korea's inclusion in the MSCI Developed Markets Index promoted by the government, improving access to foreign exchange and capital markets is considered a core task. Global investors evaluated Korea's competitiveness in AI and semiconductors and showed interest in continued reforms such as improved access to the foreign exchange market and enhancements in corporate governance.

Chief Presidential Spokesperson Seong Gihong stated at a press briefing held at the press center in Mexico City, "With the president participating in the United Nations General Assembly—the world's largest multilateral diplomatic venue—for the second consecutive year, this opportunity was actively leveraged for comprehensive diplomacy to promote the national interest." He added, "By holding the Korea-U.S. and Korea-Australia summits, the administration also strengthened the foundation of international support for its Korean Peninsula policy. Based on achievements over the past year, President Lee consolidated leadership on the global stage and expanded the international community's understanding and support for peaceful coexistence on the Korean Peninsula."

Finalizing the Investment Protection Agreement after Seven Years... Signing 17 Partnership Documents and Proposing CEPA

Subsequently, during his state visit to Mexico, President Lee held a summit with President Claudia Sheinbaum on the 24th and adopted the "2026–2030 Korea-Mexico Joint Action Plan." Government bodies and institutions from both countries signed or agreed to a total of 17 cooperation documents covering AI, space, trade and industry, finance, and culture during the summit.

One of the most tangible economic achievements was the successful conclusion of the renegotiation of the investment protection agreement, which had lasted for seven years. The export-import banks of both countries established a credit line of 100 million U.S. dollars, and the governments agreed to set up an official dialogue channel to discuss supply chains for crude oil and key resources. The revised investment protection agreement will come into effect after the completion of domestic procedures and ratification by the National Assembly.

President Lee Jae-myung and Claudia Sheinbaum, President of Mexico, are shaking hands after a joint press conference at the Presidential Palace in Mexico City on the 24th (local time). 2026.9.25 Yonhap News Agency Photo by Yonhap

Discussions on trade agreements were also reinvigorated. However, since Mexico is not yet ready to resume negotiations on a bilateral Free Trade Agreement (FTA), both sides agreed to conduct a joint study to explore economic cooperation opportunities—including not only goods trade but also industry collaboration and supply chains. As Mexico is currently carrying out a review of the United States-Mexico-Canada Agreement (USMCA) with the U.S. and Canada, Korea intends to monitor developments to create favorable conditions for future negotiations.

The Office of the President explained that the "trade agreement" referenced by President Lee refers to a Comprehensive Economic Partnership Agreement (CEPA), which addresses not only tariff reductions (the primary focus of traditional FTAs) but also broader issues such as trade, investment, industry, and supply chain cooperation. Accordingly, tariff issues—which are of particular interest to Korean companies operating in Mexico—are likely to become topics of future discussions. A Blue House official stated that, as CEPA encompasses trade, investment, industry, and supply chain cooperation, "tariff issues will likely be addressed in the course of the discussions."

Defense and aerospace cooperation were also strengthened. Under the agreements reached at the summit, plans to review the provision of maintenance, parts supply, and even local production for defense items—including the FA-50 light attack aircraft from Korea Aerospace Industries (KAI)—were discussed. In its official statement, the government also relayed President Lee's hope that Korean defense supplies would contribute to the modernization of Mexico's military forces.

President Lee Jae-myung delivers a congratulatory speech at the Korea-Mexico Business Forum held at the World Trade Center in Mexico City on the 25th (local time). 2026.9.26 Yonhap News
Photo by Yonhap News

The Korea-Mexico Business Forum on the 25th also focused on trade agreements and industrial cooperation. President Lee noted that a comprehensive trade agreement could serve as the foundation for raising economic ties to a new level, given the complementary industrial structures of the two countries, and called for the prompt resumption of negotiations. He also proposed combining Korea’s advanced technologies with Mexico’s manufacturing and components ecosystem to jointly target the global market beyond North America and expand cooperation into areas such as bio, healthcare, beauty, energy, power, and infrastructure.

Chief Presidential Spokesperson Seong commented at a briefing in Mexico City, "With the first state visit in 16 years, a pivotal moment has been created for a strategic partnership with Mexico, a key country in Latin America's political, economic, and diplomatic landscape."

At the Meeting with Overseas Koreans: Reiterating Concerns about Extremism within Reforms... Drawing a Line on Constitutional Amendments for Re-Election

During his tour, President Lee also addressed domestic political issues. At a meeting with overseas Koreans in Mexico, he cautioned against excessive radical competition in the reform process, saying, "If you move too quickly, too far, or too hastily, you will inevitably face backlash." Referring to the national debate over the abolition of the National Security Law during the Roh Moo-hyun administration, he pointed out that although there was nearly an agreement to eliminate underlying problematic clauses, the push for total abolition hindered any actual amendment from being achieved.

President Lee Jae-myung is giving a greeting at a dinner meeting with overseas Koreans held at a hotel in Mexico on the 24th (local time). 2026.9.25 Yonhap News

While President Lee did not mention writer Yoo Si-min by name at the event, observers believe his comments, following the Blue House's public expression of regret over Yoo's criticisms of the prosecution reform, were directed at both Yoo’s past campaign for full abolition of the National Security Law and hard-line reformists within the ruling party.

President Lee again dismissed speculation about the extension of his term. "There is absolutely no possibility that my time in office will go beyond June 2, 2030," he said, denying any possibility of prolonging his term. This reaffirmed the statement he made at a press conference on September 18 when he said, "I have no intention to seek re-election."

President Lee returned to Korea on the 26th, concluding his trip.

This content was produced with the assistance of AI translation services.