Mexico South Korea Summit Ends With 17 Agreements but No Tariff Deal
MEXICO · DIPLOMACY
Key Facts
- —What happened Claudia Sheinbaum and Lee Jae-myung signed 17 cooperation documents in Mexico City on Thursday 24 September 2026.
- —The roadmap They adopted a Mexico–Korea Action Plan for 2026–2030 covering trade, AI, aerospace, defence and culture.
- —The money The two export-import banks agreed to set up a credit line of up to US$100 million for companies.
- —The catch Mexico’s tariffs of up to 50% on Korean cars stay, and any trade deal waits for the USMCA review.
- —Investment treaty Lee said seven years of talks to revise the investment-protection treaty have been concluded.
- —The numbers Bilateral trade reached US$27 billion in 2025, Sheinbaum said; Mexico’s foreign ministry has cited US$29.7 billion.
A Mexico South Korea summit, the first Korean state visit in 16 years, produced 17 accords but no tariff change.
The Mexico South Korea summit ended with many agreements but left Mexico’s tariffs on Korean goods unchanged. Presidents Claudia Sheinbaum and Lee Jae-myung met at Palacio Nacional on Thursday 24 September.
Sheinbaum said their meeting lasted more than three hours. The Korean side timed the formal talks at 119 minutes, before a business meeting.
It was the first state visit by a South Korean president to Mexico in 16 years. The two countries mark 64 years of diplomatic relations this year.
Lee noted that Korea was celebrating Chuseok, its harvest festival and most important holiday, as the plan was adopted. He called it the start of a new stage in bilateral cooperation.
What Mexico and South Korea Signed
The two governments signed 17 cooperation documents, most of them memorandums of understanding, and adopted a Mexico–Korea Action Plan for 2026–2030. Sheinbaum called the plan the roadmap for the next four years.
They cover economic, financial and development cooperation, academic mobility, culture, tourism, science and technology, Sheinbaum said. Intellectual property, agriculture and security are also included.
Korean outlets listed a defence memorandum, an aerospace agreement and a declaration on artificial intelligence. There is also customs cooperation, including information on illicit goods, and electronic certificates for livestock imports.
The two sides also agreed to open a dialogue channel between ministries on crude oil and key resources, Korean media reported.
Money, Investment and Defence
Lee said the countries had concluded seven years of negotiations to revise their investment-protection treaty. The text still has to be signed and ratified.
The two export-import banks agreed to set up an on-lending credit line of up to US$100 million. It would help Mexican firms buy Korean goods and services and support Korean firms in Mexico.
On defence, Lee said the two would explore how Korea could help modernise Mexico’s armed forces through training, education and research. He wants Korean defence technology to lead to local production in Mexico.
He also asked for Sheinbaum’s support so both countries can enter third markets together. A Korea–Mexico Space Day in November will look for concrete aerospace projects.
The Tariff Question
Since 1 January 2026, Mexico has charged up to 50% on cars from countries without a trade deal with it. South Korea is one of them, along with China and India.
The decree, published on 29 December 2025, raised duties on 1,463 tariff lines. Its stated aim is to replace imports with Mexican production.
Lee raised Korean companies’ problems one by one, including tariff burdens and slow exemption and refund procedures, a presidential official told reporters.
Mexico did not accept everything but said it would look into some issues, the Asia Business Daily reported. Officials on both sides will continue the talks.
Seoul prefers a free-trade agreement, but Mexico is not ready during its USMCA review, the official said. Rules of origin are a key issue there, and the two agreed to explore a deal afterwards.
Until then, they will run a separate channel for trade, investment and industrial cooperation.
Why the Mexico South Korea Deal Matters for Business
Korea is one of Mexico’s five biggest trading partners, and Mexico is Korea’s top partner in Latin America, Sheinbaum said. She put bilateral trade at US$27 billion in 2025.
She put Korean investment since 2006 at more than US$11.5 billion, through more than 2,000 companies. Lee has cited a different figure, about US$13.3 billion from some 500 firms.
Sheinbaum also highlighted electric mobility, AI, digital technology, science and higher education as areas with great potential.
Sheinbaum wants Mexican small and medium-sized firms to join the supply chains of Korean companies in Mexico under her Plan México. Kia builds cars in Nuevo León, and Samsung and LG run plants in Querétaro, Tijuana and Reynosa.
Nine Korean business leaders joined a business meeting at the palace. They included SK Group chairman Choi Tae-won and LG Group chairman Koo Kwang-mo.
Before the summit, Lee told El Universal that Mexico is “a key strategic platform” for Korean firms. He named semiconductors, aerospace and electric vehicles as promising sectors.
Kia started building its EV3 electric model at Pesquería on 4 August 2026, the first EV3 line outside South Korea. The company plans to spend US$649 million at the plant between 2026 and 2028.
K-Pop Diplomacy
Sheinbaum spoke of the possibility of a K-pop culture centre in Mexico and a Mexican culture institute in Korea. She added that BTS is expected back in Mexico in 2027.
A working group will look at co-producing cultural content and training talent, Lee said. The K-pop group Stray Kids was due to play in Mexico on Friday.
Sheinbaum said young Mexicans’ enthusiasm for K-pop and Korean food shows the two peoples growing closer.
What Comes Next
Working-level officials will keep talking about Korean companies’ tariff complaints. The revised investment treaty still has to be signed and approved, including by South Korea’s National Assembly.
Looking further ahead, Korea chairs the G20 and Mexico hosts APEC in 2028, Sheinbaum noted.
Sources: EFE via Infobae, 17 agreements and the 2030 roadmap, 24 September 2026; El Universal, Sheinbaum and Lee statements, 24 September 2026; Quadratín, Sheinbaum on trade and investment, 24 September 2026; The Asia Business Daily, tariff issues raised at the summit, 25 September 2026; Seoul Economic Daily, the 17 agreements, 25 September 2026; El Universal, Lee interview, 23 September 2026; The Korea Times, joint action plan, 24 September 2026.
Frequently Asked Questions
What did Mexico and South Korea sign?
They signed 17 cooperation documents, mostly memorandums of understanding, and adopted a 2026–2030 action plan. These cover trade, finance, AI, aerospace, defence, agriculture, security, education and culture.
Did Mexico lift its tariffs on Korean cars?
No. Lee raised the tariffs and customs delays, and Mexico said it would look into some issues, but no change has been announced.
Is there a Mexico–South Korea free-trade agreement?
No. Seoul wants one, and both sides agreed to explore it after Mexico’s USMCA review with the United States and Canada.
How big is trade between the two countries?
Bilateral trade reached US$27 billion in 2025, Sheinbaum said. Korea is among Mexico’s five largest trading partners.
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