Mexico and India will strengthen bilateral political and economic relations,
and a two-day visit by Mexican president Felipe Calderon beginning September 10
is expected to give a further impetus for mutual cooperation.
Mexican president is scheduled to meet prime minister Manmohan Singh and other
political leaders to discuss how to boost bilateral trade and cooperation on regional
and international issues, said foreign ministry spokesman Navtej Sarna.
and Mexico have vowed to more than double bilateral trade from the current $1.8
billion to $5 billion by 2010, while pledging to strengthen ties through increased
cooperation on international issues like terrorism.
the first Mexican leader to visit India in 22 years, has meanwhile, invited Indian
businesses to set up base in Mexico as it has access to some of the world''s biggest
markets, including the US.
is looking at $10 billion investments from India in the next five years, the head
of a business delegation from the Latin American nation said.
government plans to increase the Indian investment in Mexico to $10 billion within
5 years," Indo-Mexico Business Board, Comce, Mexico, chairman Luis Wertman
Indian investment in the country stands at $3 billion "without any promotion",
he said at an event ''India-Mexico: Opportunities for Business'' jointly organised
by industry bodies CII, FICCI and Assocham.
is looking at sectors like steel, automobile education, IT, pharmaceutical, tourism
and infrastructure to draw investment, he said.
is signatory to 12 free trade pacts, including the NAFTA, and 23 other regional
and India are both emerging economies that have seen rapid expansion in recent
years, but businesses have failed to seize the opportunity to invest in the other''s
country. Two-way trade totaled just $1.8 billion in 2006, or less than 1 per cent
of what each of the countries trade with the rest of the world.
countries have identified information technology, pharmaceuticals and energy as
key areas of cooperation.
economic issues dominated Calderon''s visit, the Mexican leader said he also wanted
greater cooperation on foreign policy because Mexico and India, with their growing
economic might, were set for bigger roles in world affairs.
countries also signed an extradition treaty and a mutual legal assistance agreement.
legal assistance treaty will help deal with crimes related to terrorism, and the
extradition treaty is aimed at suppressing crime by ensuring that fugitive criminals
are brought to trial, the Indian foreign ministry said in a statement.
double taxation avoidance agreement was also signed to encourage investment from
both countries, the statement said.
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