India-Mexico holds 8th Joint Commission Meeting

India and Mexico recently held the eighth Joint Commission Meeting. The countries appreciated the recent progress in the bilateral trade between them.

Key Highlights

The bilateral cooperation includes areas such as trade, agriculture, investment, health and education. The meeting was presided by the foreign ministers of the countries. They agreed to add new momentum to the relations between the countries in the areas of science and technology, health, trade and commerce, energy, space.

United Nations Security Council

The countries during the meet agreed to use their forthcoming term in United Nations Security Council to strengthen multilateralism.

India-Mexico High Level Group

The fifth meeting of the group was recently held through video conference in early October 2020. During the meet, the countries discussed about Framework on Sanitary and Phytosanitary measures, Bilateral Investment Treaty, Market Access for Agricultural Products, cooperation in Intellectual Property Rights and ways to improve tourism.

During the discuss, the countries signed two Memorandum of Understanding. They were

• Computer Software and Telecommunications, Electronics and Information Technologies.
• Foreign Trade, Investment and Technology.

India-Mexico Cooperation

Mexico enjoys “Privileged Partnership” with India since 2007. The countries in 2015, agreed to work on “Strategic Partnership”. The countries have signed since then signed bilateral agreements on Extradition, Investment Promotion and Protection, Space Cooperation and Administrative assistance in customs matters.

Current Scenario

Mexico is currently the largest trading partner of India in Latin America and India is the ninth most important trading partner of Mexico.

Historical relations

The Sonora variety of Mexican Wheat was fundamental in Green Revolution in India. During Goa Liberation Movement, Mexico used its influence in Latin America to bring pressure on Portuguese.

Trade

The bilateral trade between the countries was 10 billion USD in 2018. The main exports of India to Mexico are gems, textiles, leather, jewellery and chemicals. The main exports of Mexico to India are machinery, petroleum, fertilizers and chemicals.

Month: Current Affairs - October, 2020