India-Mexico to double bilateral trade by 2010
India and Mexico agree to more than double their bilateral trade to $5 billion a year by 2010.
By PTI |
NEW DELHI: India and Mexico on Monday agreed to more than double their bilateral trade to $5 billion a year by 2010, and signed agreements on double taxation avoidance, extradition while committing to work together on international issues like fighting terrorism.
Mexican President Felipe Calderon who arrived on a two- day visit to India, the first by a Mexican President in two decades, accompanied by over 100 business representatives met Indian Prime Minister Manmohan Singh and other political leaders.
Later, he invited Indian companies to invest in Mexico, which enjoys duty concessions in the US markets and other countries under NAFTA and other trade pacts.
"Mexico offers free trade access to more than 44 countries which makes it a privileged market with free access to more than one billion people of the world," Calderon said.
Minister of State for External Affairs Anand Sharma said: "the two countries have pledged to increase the trade to $ 5 billion a year by 2010."
The bilateral trade has been increasing rapidly over the last few years, touching $1.8 billion last year. Indian exports accounted for $1.1 billion, while imports were to the tune of $0.7 billion.
Assuring a congenial business environment, Indo-Mexico Business Board, Comce, Chairman Luis Wertman said: "The government plans to increase Indian investment in Mexico to $10 billion within 5 years."
Mexico is looking at sectors like steel, automobile education, IT, pharmaceutical, tourism and infrastructure to draw investment, he said.
"We look forward to companies like Tata and Mahindra to invest in Mexico and are ready to provide all the facilities," Luis added.
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