President Lee Proposes De Facto CEPA to Mexico... Tariffs Also on the Table

State Visit to Mexico Concludes After 16 Years

"Fostering a Favorable Environment for Entry into Advanced Industries Such as AI, Space, and Defense"

Joint Korea-Mexico Study on Trade Agreement Launched

"Tariff Issues Expected to be Di

President Lee Jae-myung has officially declared the pursuit of a Comprehensive Economic Partnership Agreement (CEPA) to expand economic cooperation with Mexico. On the occasion of the summit between the two countries, both sides agreed to launch a joint study to assess the economic impact of a trade agreement. The tariff burden faced by Korean companies in the Mexican market is also expected to be addressed during the future negotiations of the agreement.

President Lee Jae-myung delivered 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 Agency
Photo by Yonhap News Agency

Seong Kihong, Chief of Communications at the Office of the President, held a briefing at the press center in Mexico City on the 25th (local time) regarding President Lee's state visit to Mexico, stating, "We have established an institutional basis for expanding economic cooperation with Mexico, a global top-10 market, and created a favorable environment for Korean companies to enter advanced industrial sectors such as artificial intelligence (AI), space, and defense industry."

During his congratulatory speech at the Korea-Mexico Business Forum, President Lee directly addressed the need for a 'trade agreement' between the two countries. He noted that bilateral trade reached $20.6 billion last year, and that Korean companies have contributed to investment and job creation in Mexico, but that progress has not yet been made toward a comprehensive trade agreement. A presidential official explained that the trade agreement referenced by President Lee means a CEPA aimed at promoting economic cooperation in the areas of trade, investment, industry, and supply chains. The official added, "On the occasion of this state visit, the two countries agreed to conduct a joint study on the potential benefits of a trade agreement."

As a result, future agreement negotiations are likely to address the tariff burden of Korean companies operating in Mexico. Some Korean companies participating in the K-Expo on this day also reported difficulties caused by tariffs. A senior presidential official stated, "Because a Comprehensive Economic Partnership Agreement covers cooperation in trade, investment, industry, and supply chains, I believe tariff issues will also be discussed during the negotiation process."

There were also proposals to broaden the scope of cooperation between the two countries from traditional manufacturing to future industries. President Lee suggested combining Mexico's vision for industrial advancement with Korea's manufacturing technology to expand cooperation into emerging industries and the energy sector. He also proposed strengthening collaboration in the cultural and creative industries based on cultural affinity and human exchanges between the two countries.

President Lee Jae-myung and First Lady Kim Hye-kyung are taking commemorative photos with participants at the Random Play Dance event held at the World Trade Center (WTC) in Mexico City on the 25th (local time). 2026.9.26 Yonhap News Agency

Meanwhile, President Lee and First Lady Kim Hye-kyung also visited the '2026 Mexico K-Expo' held at the World Trade Center in Mexico City on the same day. Mexico is the largest importer of K-beauty and K-food in Central and South America, and this expo saw participation from 120 Korean companies and institutions seeking to enter the local market.

The presidential couple was briefed at the export consultation booths on 34 contracts totaling $12.5 million that had been signed over the previous day, and they inquired about the local market situation and the challenges faced by the companies. Earlier, they made a surprise visit to the 'Random Play Dance' event, which was attended by around 150 local K-pop fans and dance teams, to encourage the participants. During performances to Seventeen BSS unit’s "Jeans" and "Fighting (Feat. Lee Young-ji)" as well as BTS's "Dynamite," the presidential couple showed their support by applauding the participants.

Chief Seong highlighted the significance of this visit by pointing out that it was the first state visit by a Korean president to Mexico in 16 years, saying, "This created a watershed moment for the strategic partnership with Mexico, a key country in Central and South America’s political, economic, and diplomatic landscape, to make a remarkable leap forward."

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