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Trade minister discusses USMCA concerns with Mexican ambassador

Published: 30 Apr. 2026, 13:55

Trade Minister Yeo Han-koo speaks at an event at the Korean Chamber of Commerce and Industry in Jung District, central Seoul, on April 9. [YONHAP]

Korean Trade Minister Yeo Han-koo held a meeting with Mexico's ambassador to Seoul on Thursday to address concerns over the planned review of a trilateral trade pact between Mexico, the United States and Canada, Yeo's office said.

In the meeting with Carlos Peñafiel Soto, Yeo delivered Korean companies' concerns over the first joint review of the U.S.-Mexico-Canada Agreement (USMCA), scheduled for July, which is expected to raise trade uncertainties, according to the Ministry of Trade, Industry and Resources.

Under the USMCA, Mexico has served as a major manufacturing hub for Korean automobile and home appliances companies. Korean firms there have imported intermediate goods to produce finished goods in Mexico for export to the rest of North America.

Yeo also addressed concerns regarding Mexico's tariff hikes, asking for the Mexican government's support for Korean companies operating in the Latin American nation.

Mexico began imposing higher tariffs on imports of automobiles, auto parts, textiles, steel and other goods from countries that do not have an FTA with the country, including Korea, this year.

The two sides agreed to hold high-level talks to resume FTA negotiations, which have been stalled since 2022, in the near future in a bid to facilitate bilateral trade and investment, the ministry said.

“Mexico is a key base for Korea in the Latin American market and for integration into the USMCA supply chain," Yeo stressed, vowing to continue close communications with Mexico to deliver "tangible" outcomes for companies exporting to and operating in the region.

Yonhap