Mexico and Korea want a FTA in 2017
- Category: Portum
Negotiations for a Free Trade Agreement between Mexico and South Korea will start next year, said Chun Beeho, Ambassador from this Asian Country. The process will depend on factors such as the situation of the Transpacific Partnership (TPP) agreement, it is certain that this is the type of treaty the parties are looking for. If it is approved, Korea could request to join the agreement and thus gain access to special customs fees. If such a thing were not to occur, or if the membership process would take too long, a consultation could be made, to set a bilateral agreement. The greatest advantage for Mexico in this, would be for the agro-industrial sector, stated Beeho. Pork meat, beef, papaya, lime and avocado are currently exported to this Country, but these products pay high customs fees and are faced with health and safety barriers. Beeho said that "Due to its high level health and safety controls and the high quality of Mexico's agri-food, there is great potential to increase exports to South Korea". Another sector that would benefit from this, would be the automotive, which already has strong commercial ties. Besides, Mexico would become the seventh imported vehicle provider for Korea, with 15.5% from the total market.