Vice Commerce Minister Park Jung-sung, left, shakes palms with Mexican Ambassador to Seoul Carlos Penafiel Soto throughout their assembly on the Mexican Embassy in Seoul, Friday. Courtesy of Ministry of Commerce, Trade and Sources
Vice Commerce Minister Park Jung-sung on Friday referred to as on the Mexican authorities to introduce measures to reduce hurt to Korean firms from its tariff hike plan, Park’s workplace mentioned.
Park made the decision throughout his assembly with Mexican Ambassador to Seoul Carlos Penafiel Soto, stressing that Korean firms have made substantial investments in Mexico, contributing to its economic system, in line with the Ministry of Commerce, Trade and Sources.
Final week, Mexico’s Senate authorized tariff hikes from subsequent 12 months on imports of vehicles, auto components, textiles, metal and different items from international locations that don’t have a free commerce settlement (FTA) with the nation, together with Korea.
Underneath the plan, Mexico plans to impose 25 p.c tariffs on imported auto components, 25-30 p.c tariffs on washing machines, 25 p.c duties on fridges and 30 p.c duties on microwaves.
Park requested the Mexican authorities to pay “particular” consideration so its tariff hike plan wouldn’t adversely have an effect on funding and commerce between the 2 international locations.
Park additionally proposed swift resumption of negotiations for an FTA to create a extra secure commerce atmosphere and bolster bilateral cooperation in superior industries, the ministry mentioned.
Mexico has served as a serious manufacturing hub for Korean vehicle and residential home equipment firms. Korean firms there have imported intermediate items from their house nation to supply completed items in Mexico for export to the remainder of North America underneath the free commerce pact among the many United States, Mexico and Canada.
