South Korea and Mexico have agreed to cooperate on a joint feasibility study for the construction of a space vehicle launch facility using South Korea's experience in the field.

The agreement was signed in Mexico City on Friday between the Korea Aerospace Research Institute(KARI) and Mexico's Agencia Espacial Mexicana(AEM).

Over the next year, the two agencies will conduct working group consultations involving experts to study necessary data on the facility construction in Mexico and hold discussions on selecting potential sites.

The two sides will also jointly address construction costs, drawing up a business model and safety regulations at the facility.

The latest deal was reached following Mexico's request for South Korea to share its knowledge and experience in building a space vehicle launch facility.