India and Mexico hope to boost trade and commerce in the coming days besides setting up mechanisms for carrying out direct trade in precious metals like gold and silver.
During a meeting with visiting Mexican Foreign Minister Claudia Ruiz Massieu Salinas on Saturday, External Affairs Minister Sushma Swaraj, had a comprehensive review of the bilateral relations between two sides including political, commercial and trade, financial, technical and other areas. The two leaders also decided to explore ways to further strengthen cooperation in sector of renewable energy and information technology besides easing visa norms.
During her visit the Mexican Foreign Minister also interacted with the private sector in a business event organised with the Confederation of Indian Industry (CII) and delivered a lecture in the Indian Council of World Affairs (ICWA) on ‘Mexico in the international context and its relations with India’. Salinas also undertook a short ride in the Delhi Metro and inaugurated a photographic exhibition called ‘Mexico Is’ in the Rajiv Chowk Metro Station.
There was also a Bilateral High level Group (HlG) meeting on trade, investment and economic cooperation where it was decided to increase collaboration between companies in renewable energy, automobile and auto-components, hydrocarbons, information technology, pharmaceuticals, urban planning, housing, tourism and entertainment.
The annual bilateral trade between India and Mexico is $6.2 billion which the Indian officials believe to be just a fraction of the potential. Mexico is the largest silver producer, fourth largest producer of gold and India believes it can help the country meet it requirements for the precious metals.
Mexico is ranked among the top 10 oil-producing nations and has the world’s fourth largest shale oil reserves.
India is the third largest importer of crude oil from Mexico.
Salinas asked the Indian companies to invest in Mexico in sectors such as energy and telecommunication. “India has the opportunity to sell items like consumer goods. It has a huge demand in Mexico,” she said.
According to MEA spokesperson Vikas Swarup, Swaraj sought Mexico’s participation in Government’s flagship programmes like Make in India, Digital India, Skill India and Smart Cities besides seeking technology support for in Indian agriculture and agro-processing sectors. “She also conveyed our interest in providing launch facilities for Mexican micro and nano satellites,” Swarup said.
“Both sides shared their perspective on increasing engagement with the diaspora (Mexico has a 35 million diaspora in the US alone). They also exchanged views on cooperation on issues relating to women’s empowerment,” Swarup said. Salinas also called on Prime Minister Narendra Modi and extended an invitation by Mexican President Enrique Pena Nieto for a visit to Mexico.