Mexico, S. Korea pledge to revive joint ties

(MENAFN) South Korea and Mexico arranged to hold working-level talks later this year on a free trade deal between the two sides, a move that underscored their commitment to further boosting economic ties.

The trade capacity between the two nations touched USD14.4 billion last year, a significant increase from USD4.2 billion reported in 2005, signifying that their mutual business relationship is ever expanding.

Moreover, South Korea and Mexico launched free trade talks back in 2007, but the negotiations have been stalled since 2008 on the back of strong opposition from the Mexican automobile industry.

Furthermore, both countries agreed to set up a consultative body made up of reps from Kia Motors, the Mexican federal government and the northern Mexican state of Nuevo Leon to address joint trade.