MoU inked between India and Mexico for trade boost: Mexico's Business Coordinating Council chief

New Delhi [India], September 10 (ANI): Mexico and India inked a Memorandum of Understanding to boost trade between both countries, Francisco Cervantes Diaz, President of the Business Coordinating Council, Mexico, said on Wednesday.

"We have a lot to share and a lot to learn. We want to excel together in various sectors like vehicles, aerospace, Agri goods, and medical devices," he told ANI on the sidelines of FICCI LEADS in New Delhi.

The MoU is expected to spend around USD 1200 million as of now, he said, adding that "but we are likely to increase it further so that India and Mexico excel in trade further."

"In the economic sector, we are contrasting nations that oscillate between technological and industrial strength and very preoccupying situations of backlogs and deficiencies," he said.

"Even with this, both nations have the platform for accelerated progress, as much because of our industrial vocation, as for our respective geographical locations that allow us to turn towards our diverse borders and find very potent and different markets," he said.

He added that it is imperative that Mexico and India share their experiences and practices of corporate and commercial issues, as well as of economic development, going towards the future.

"We have focused on strengthening our businesses and taking advantage of two important factors: Our proximity and border with the United States of America and our regional location in North America that also integrates us with Canada, in the framework of the active NAFTA treaty," he said.

He said that Mexico can be a bridge between India and the US and Canada.

"Today, we are the 12th [largest] economy of the world, as well as the 10th [largest] world exporter. Also, we are the 7th [largest] world exporter of manufactured goods and the 5th [largest] world producer of vehicles," he said.

An important point to mention is that Mexico doesn't compete but complements. "This is the relationship that we share with the United States and Canada also."

Similarly, Mexico continues to promote investments in 15 development hubs and 100 industrial parks.

"We would like to continue to work with India to strengthen our commercial relations, that in 2024, was 11.711 million dollars to an amount of and with foreign investment of 72 million dollars of 200 companies of India in Mexico," he said.

Cervantes also said that with these experiences, Mexico also hopes to learn a lot from India and its commercial production in an atmosphere of cordiality and cooperation. (ANI)

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