1. The 8th meeting of the ROK-Mexico Joint Committee on Economy, Science and Technology took place in Mexico City on January 28, with Deputy Minister for Economic Affairs Ahn Chong-ghee of the ROK Foreign Ministry and Executive Director Juan Manuel Valle of the Mexican Agency for International Development Cooperation (AMEXCID) of the Mexican Foreign Ministry leading their respective delegations.

o The 8th meeting of the Joint Committee was the first high-level meeting where various issues in economy, science and technology were comprehensively discussed, since the launch of the current governments of the two countries. The two sides reviewed the current state of bilateral cooperation and discussed ways to enhance cooperation in each area.

2. The two sides noted with appreciation that bilateral cooperation in trade and investment has significantly increased, with trade volume between the two countries recording the biggest ever in 2014. Sharing the view that there is great potential for bilateral cooperation considering the two countries’ complementary economic structures, they agreed to continue to work to expand substantive cooperation in the area.

3. Stressing the importance of the ROK-Mexico FTA as an institutional base for expanding substantive cooperation between the two countries, the ROK side requested the Mexican government’s interest to resume the FTA negotiations. The Mexican side said it will continue related efforts at home.

4. The ROK side stated that in order to expand investment between the two countries, it is crucial to improve business conditions for Korean companies in Mexico. The ROK side also requested the Mexican government’s special interest and efforts to resolve difficulties faced by Korean companies, including expansion of import quotas for cold-rolled steel sheet and VAT refunds.

o The Mexican side stated that the recent increase in investment by Korean companies has contributed to the Mexican economy. The Mexican side added that it will work actively to ease the difficulties facing Korean companies.

5. The ROK side requested the Mexican government’s interest and support to ensure that Korean companies with world-class technologies and abundant experiences can participate in the Mexican government-led energy and infrastructure projects. The Mexican side explained that in line with the country’s infrastructure development plans, numerous projects will be launched in the areas of power plant, pipeline, road, railway and harbor. The Mexican side hoped that Korean companies will actively participate in the projects.

6. The two sides also agreed to make efforts to expand cooperation into other various areas, including medicine, medical equipment and other healthcare-related areas, and trilateral development cooperation with a third country, as well as exchanges between people in the area of science and technology and informatization.

7. During his visit to Mexico, Deputy Minister Ahn held a meeting with representatives from Korean companies in Mexico and explained the results of the Joint Committee meeting. They also explored ways to increase Korean companies’ presence in Mexico.

8. Mexico, which shares universal values, including democracy, market economy and human rights, is the ROK’s key cooperation partner in Latin America. Since the establishment of diplomatic relations in 1962, the two countries have seen a dynamic growth of cooperation in a range of areas. The latest Joint Committee meeting served as a useful forum to pursue economic diplomacy in an extensive manner by providing an opportunity to explore ways to improve substantive cooperation in a range of areas and by requesting the Mexican side to take more interest in resolving difficulties facing Korean companies in Mexico. 


                Spokesperson and Deputy Minister for Public Relations of MOFA

*unofficial translation