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논문 기본 정보

자료유형
동향자료
저자정보
Sungwoo Hong
저널정보
대외경제정책연구원 [KIEP] World Economy Brief World Economy Brief 제24권 제31호
발행연도
2024.9
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With the implementation of the North American Free Trade Agreement (NAFTA) and its revision, the USMCA, the Mexican economy has become significantly integrated with the U.S. and Canadian economies. Building on this economic foundation, the U.S. IRA, which came into effect in August 2022, has attracted the interest of electric vehicle manufacturers in Mexico. In other words, Mexico, being geographically close to the U.S. and having a relatively low-cost labor force, has emerged as the prime candidate for nearshoring operations aimed at entering the North American market. In this context, Mexico warrants attention as the optimal candidate for nearshoring in the US-led supply chain reorganization. Furthermore, Mexico holds significant strategic value in securing a stable supply chain for key raw materials, such as critical minerals, and serving as a gateway for expansion into North, Central, and South America. Mexico's response and strategy under the recent supply chain reorganization are clear: actively attracting foreign direct investment while strengthening national control over key minerals such as lithium. From a global value chain perspective, the former represents a strategy to integrate Mexico into new global value chains in which it has not previously participated, while the latter seeks to reinforce Mexico's role in the global value chains it has traditionally been a part of. Mexico's active nearshoring strategy will naturally encourage Korean companies to participate in the North American-centered supply chain in sectors such as semiconductors, batteries, and electric vehicles. Meanwhile, in industries where the state has traditionally played a significant role, such as mining, efforts are expected to focus on improving forward linkages in the global value chain by strengthening state-led supply chains. As a result, cooperation with Mexico has become increasingly important. Facing various global crises, including the COVID-19 pandemic and the US-China conflict, the world is striving to secure stable supply chains and build industrial structures that are not overly dependent on a small number of countries. Korea is also working to reduce its heavy reliance on China and diversify its export and import routes. Similarly, Mexico, which depends heavily on the North American economy, may have an incentive to pursue such changes from a long-term perspective. Mexico is expected to explore policies that diversify its export markets, which are currently concentrated in the US and Canada, to include countries in Central and South America. Therefore, Mexico should be considered a strategic bridgehead for expanding into Central and South America. In this context, Korea should view trade with Mexico not only as a gateway to North America and a way to increase its market share in Mexico but also as a means to boost Korea’s added value in Central and South American countries and to integrate into the regional value chain.

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