MEXICO CITY, Oct. 10 (Xinhua) -- Mexico and South Korea on Wednesday agreed to strengthen bilateral cooperation to combat rising protectionism in global trade, Mexico's Finance Ministry said in a statement.

The statement followed Mexican Finance Minister Jose Antonio Gonzalez Anaya's meeting with South Korean Economy and Finance Minister Kim Dong-Yeon during the former's working tour of Asia.

"Mexico and South Korea agreed ... to promote bilateral economic cooperation even more, and to work together to fight against increasing trade protectionism worldwide," the ministry said.

The ministers also reaffirmed their commitment to "macroeconomic policies that promote stability and fiscal discipline."

Mexico is South Korea's fifth-largest trade partner, and its second-largest trade partner in Latin America.