On May 12 and 13 Trade Minister Yeo Presses Mexico Over Tariff Hikes
Yeo Han-koo, Minister for Trade of the Ministry of Trade, Industry and Energy, presided over the “Korea-Mexico Business Roundtable” held at the Sheraton Maria Hotel in Mexico at 15:00 local time on May 12, 2026, with the participation of key business figures from organizations including the Business Coordinating Council (CCE), the Mexican Business Council for Foreign Trade (COMCE), the Employers’ Confederation of the Mexican Republic (COMPARMEX), and the Mexican Automotive Industry Association (AMIA), and discussed bilateral economic cooperation and the need for a Korea-Mexico FTA. (Provided by the Ministry of Trade, Industry and Energy)
Trade Minister Yeo Han-koo visited Mexico on May 12-13, where he met figures from the political, government, and business sectors and carried out broad-based outreach activities aimed at raising awareness of the need for a Korea-Mexico FTA and securing momentum for negotiations.
First, Yeo met with Economy Minister Marcelo Ebrard and raised the difficulties faced by Korean companies using Mexico as a manufacturing hub for exports to the United States, Brazil, and other Central and South American markets, following Mexico’s tariff increases on countries with which it has not concluded FTAs, and requested that the issue be resolved as soon as possible.
In particular, he conveyed Korean companies’ requests regarding ① the stable operation and improvement of Mexico’s current tariff reduction system to minimize damage from tariff increases on countries without FTAs, ② the expansion of duty-free quotas for companies operating in Mexico (automobiles) and the introduction of new quotas (home appliances), and ③ issues including rules of origin in the process of reviewing the United States-Mexico-Canada Agreement, and emphasized the need to conclude a Korea-Mexico FTA as a way to address these problems.
Recognizing the need to improve and modernize the current trade and investment relationship, the two countries agreed to establish a ministerial-level Strategic Dialogue and a working-level Working Group between their trade authorities to discuss the matter. In addition, Yeo met with key figures including Presidential Chief of Staff Lazaro Cardenas, Senate Asia-Pacific Foreign Affairs Committee Chair Polievnesky, and Economy Committee Chair Reyes, explaining the importance of Korean companies that have invested in Mexico and asking for support for advancing a Korea-Mexico FTA.
Yeo also hosted the Korea-Mexico Business Roundtable attended by around 40 businesspeople from both countries, providing a venue for corporate networking and raising interest among business leaders in both countries in the need to conclude a Korea-Mexico FTA. Separately, he held meetings with major business figures including former Deputy Economy Minister Juan Carlos, Business Coordinating Council (CCE) Chairman Medina Mora, and Employers’ Confederation of the Mexican Republic (COPARMEX) Vice Chairman Juan Sierra, stressing that Korea is the optimal strategic partner for Mexico, which needs to diversify trade amid recent economic uncertainty, drawing attention to the FTA and asking for cooperation from Mexico’s business community.
Yeo said, “Under an uncertain trade environment, the government is pursuing a full-fledged diversification policy and will continue to actively support our companies through expanded tariff reduction incentives and the pursuit of an FTA with Mexico, Korea’s largest trading partner in Central and South America.”
Jung Suk-yee
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