India, Mexico frame strategic guidelines to promote trade
The Dollar Business Bureau
India and Mexico have formulated strategic protocols to promote bilateral trade and investments.
A committee comprising high-level members deliberated on investments, trade and economic cooperation, in the 4th meeting in Mexico, and framed the guidelines for promotion of trade. The agenda of the meet included areas like environment and intellectual property.
An official release stated that the aim of the high level group is to observe and draft conditions in an effort to increase trade and investments and boost economic ties of Mexico and India.
The meeting, which was held on 13th and 14th of July, was chaired by Rita Teaotia, Commerce Secretary, and Francisco de Rosenzweig, the Undersecretary of Mexico’s Foreign Trade.
Besides working on ways to boost bilateral ties between the two nations, the group serves as a tool to locate areas of opportunity and complementarity in both the markets.
The official release further revealed that the parties laid mechanisms to share statistical data on goods, as well as lay out a road map to sign MoU’s on cooperation of SMEs and between Invest India and ProMexico.
The bilateral trade of India and Mexico has rapidly increased from $1.8 billion logged in FY 2006 to $6 billion registered in FY 2015.
For the first time in the history of Indo-Latin American trade, Mexico emerged as the top export destination of India, surpassing Brazil.
With over $2 billion investments in 60 companies, Mexico is also one of the favourite destinations of Indian investments in Latin America.
Similarly Mexico is the largest Latin American investor with over $800 million investments in the country.