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India angling for FTA with Mexico

Aug 16, 2016
India angling for FTA with Mexico

India is looking beyond the EU and the US in trade. The Indian government plans to examine the feasibility of a free trade agreement (FTA) with Mexico. The North American country holds opportunities for India to expand trade and a visiting trade delegation has already been promised increased opportunities for sectors, including dairy, pharmaceuticals and telecom outside a free trade pact.

The Commerce Secretary recently led a trade delegation to Mexico including representatives from industries such as dairy, telecom, tyre manufacturers, pharmaceuticals and IT. After a series of productive meetings with both private industry and government agencies, it was gathered that there was a lot of potential to expand.

Way back in 2012, India had looked at a possible free trade pact with Mexico but it had not seemed a good idea because of limited trade at that time. While India’s total exports to Americas declined more than 10 per cent in 2015-16 to $52.882 billion and exports to the US declined 4.57 per cent to $45.3 billion, exports to Mexico, at $2.86 billion, remained unchanged.