SEOUL – South Korea and Mexico agreed on Wednesday to boost economic ties to cope with protectionism, the finance ministry said in a statement.
The agreement was adopted during a meeting between Seoul’s Finance Minister and Deputy Prime Minister, Kim Dong-yeon, and Mexican Finance Minister Jose Antonio Gonzalez Anaya.
During the meeting, Kim said that Mexico, which is South Korea’s second-largest trading partner, after the United States, in the American continent, was an emerging market.
Anaya reiterated Mexico’s endorsement of South Korea’s entry into the Pacific Alliance trade bloc.
Seoul has signed free trade agreements with three of the four countries of this economic bloc – Chile, Colombia and Peru – and its entry as an associate member would facilitate its access to the Mexican market.
Both the countries also agreed upon the need to expand bilateral cooperation in the financial technology sector for mutual benefit and future growth.
The two countries also pledged to work together to combat growing trade protectionism around the world.