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Trade Minister Cheong In-kyo (right) speaks during a trade commission meeting in Seoul on Nov. 11. (The trade ministry) |
South Korean Trade Minister Cheong In-kyo said Friday the government will establish cooperative channels with Mexico in an effort to minimize uncertainties for businesses stemming from expected policy changes by the Donald Trump administration.
Cheong made the remarks during a Seoul meeting with companies operating in Mexico, including Kia Corp., Hyundai Mobis Co., and LG Innotek Co., to assess the impact of Trump's return on businesses and the broader economy, according to the Ministry of Trade, Industry and Energy.
Trump has vowed to impose high tariffs on imported goods and implement other protectionist measures.
The incoming US government is also expected to strengthen trade barriers against Mexico, based on concerns that China is using Mexico as a manufacturing detour to avoid trade barriers, which could negatively affect South Korean firms doing business there.
"We will set up and activate cooperative channels with the Mexican central government, as well as autonomous governments, to minimize business uncertainties for our companies," Cheong said.
Cheong and corporate officials also discussed potential impacts from new US policy on trade with Mexico and their responses, the ministry said. (Yonhap)
