Thursday, July 22, 2010

Mexico and South Korea to restart Free Trade Agreement talks

Mexico and South Korea had initiated free trade agreement talks back in 2007, but the talks were put on hold in 2008 because Mexico was worried about a possible trade imbalance.  Felipe Calderon and
South Korean President Lee Myung-bak visited Mexico earlier this month to discuss a number of issues, trade being one of them.

A free trade agreement between South Korea and Mexico would be a huge boost for trade between the two countries.  Many people are unaware that South Korea is actually Mexico's 6th largest trading partner.  Trade between Mexico and Korea has tripled since 2001, and reached $11.4 billion in 2009.

Many Mexican business owners opose a free trade agreement with South Korea because they say more analysis needs to be done to examine how the agreement will negatively impact Mexican businesses.
South Korea hopes to have some kind of agreement by the end of the year, but it remains to be seen whether both countries will make a decision by then.

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