USMCA provides certainty on FDI: Mexican envoy

The signing of the US-Mexico- Canada Agreement (USMCA) has lent "certainty" on foreign direct investment by international companies in the Latin American economy, including some 200-odd enterprises from India, a top official said on Monday.

The new trade deal is an updated version of the nearly 25-year-old trillion-dollar North American Free Trade Agreement (NAFTA).

"It is the same agreement but updated. For foreign companies, the advantages are still there. The signing of the agreement by (Donald) Trump gives certainty," Ambassador of Mexico to India, Federico Salas Lotfe, said at an interactive session organised by the Bengal Chamber here.

He said the country seeks greater ties with India in the field of innovation like information technology and artificial intelligence.

There are about 20 Mexician businesses operating in India as compared to around 200 big and small Indian companies active in the Latin American country.

In 2018, bilateral trade between India and Mexico crossed USD 10 billion.