Highlights of 5th India-Mexico High level Group on Trade, investment and cooperation
The 5th meeting of India Mexico bilateral high-level group on trade, investment and cooperation was held virtually on October 13, 2020. Both the countries reviewed their commercial and bilateral trade relations.
- Both the sides discussed their bilateral investment treaty and audio-visual co-production.
- Market access for Agricultural Products, cooperation framework for phytosanitary and sanitary products, and technical barriers to trade were also discussed.
- They also discussed about the cooperation in intellectual property rights.
- They discussed the ways to promote tourism and people to people contact between both the countries.
The countries signed two Memorandum of understanding (MoU) during the fifth meeting of bilateral high level group meeting. MoU include:
- MoU between the Mexican Chamber of Electronics telecommunication and information Technologies (CANIETI) and Electronics and Computer software export Promotion Council of India ( ESC); and
- MoU between the Mexican Business Council of foreign trade investment and Technology (COMCE) and Federation of Indian Chambers of Commerce and industry (FICCI).
India and Mexico
The bilateral relation between India and Mexico dates back to 1500. Then the relations and trade were carried out by the Spanish who used to trade through the Manila-Acapulco Galleon. Mexico was the first Latin American nation that recognised the independence of India from the United Kingdom in 1947. thereafter, both the countries established their diplomatic relation on August 1, 1950. Currently, both the countries are the members of G20 and United Nations. Their trade stands at 10 billion USD. More than 174 Indian companies operates in Mexico. India exports gems, jewellery, Textiles, software and leather to Mexico and imports machinery, fertilizers, petroleum and Chemicals from Mexico.