Mexico ambassador sees Balance of Trade in India's favour

Balance of trade with Mexico will be in India's favour this fiscal year due to falling crude oil prices, Mexico's ambassador Melba Pria said here today.

"We trade a lot with India in oil which was 90 dollars a barrel earlier and has come down to around 50. The balance of trade is towards Mexico now but in this year I am sure it will be tilted towards India," Pria told reporters on the sidelines of a CII session here.

She said if they are selling the same amount of barrel at a lower price then the balance of trade is in India's favour.
 

Pointing out that investment is better than the trade between the two countries, the envoy said USD 2.8 billion is invested from India in Mexico while USD 1 billion is Mexico's investment in India.

Urging Indian industrialists to invest in their country, Pria said Mexico is the gateway to Latin America and they have free trade agreements.

On the flow of tourists between the two nations, she said about 50,000 people from Mexico visit India every year while 35,000 Indians visit the Latin American nation.

"We love coming to India because of cultural heritage relations," the ambassador said.