India, Mexico set guidelines for promoting trade

India and Mexico have set strategic guidelines for promoting bilateral trade and investment.
A high-level group on trade, investment and economic cooperation at the 4th meeting in Mexico City set strategic guidelines for promoting trade and investment. The agenda included topics related to intellectual property and environment.
"The objective of the high level group is to create conditions that increase trade and investment flows and to strengthen the economic relation between Mexico and India, following up on the visit of Prime Minister Narendra Modi," an official statement said.
Commerce Secretary Rita Teaotia and the Undersecretary of Foreign Trade of Mexico Francisco de Rosenzweig chaired the meeting, which held on July 13-14.

The group is an instrument to identify areas of opportunity and complementarity in both markets, as well as to work on actions that strengthen the bilateral relation on trade and investment.
The release further said the parties established mechanisms for sharing statistical information on goods, as well as a road map towards the signing a Memorandum of Understanding on cooperation for SMEs, as well as a Memorandum of Understanding between ProMexico and Invest India.

The bilateral trade has increased substantially from USD 1.8 billion in 2006 to USD 6 billion in 2015. For the first time ever, Mexico has overtaken Brazil as the top destination of Indian exports to Latin America.

Mexico is also a favoured destination of Indian investments in Latin America with more than USD 2 billion dollars invested in about 60 companies.
On the other hand Mexico is the largest Latin American investor in India with more than USD 800 million.