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India & Mexico sign MoU on bilateral trade

22
May '07
Shri Kamal Nath, Union Minister of Commerce & Industry, and Mr. Eduardo Sojo Garza-Aldape, Minister of Economy of Mexico, signed the Memorandum of Understanding (MOU) on the Establishment of a Bilateral High Level Group (HLG) on Trade, Investment and Economic Cooperation between India and Mexico.

The objective of MOU includes promotion of economic and trade relations between the two countries; facilitating better access to their respective markets and avoid imposition of new barriers to trade and investment; creation of bilateral consultative mechanism to include trade and economic cooperation.

The functions of the HLG formed under the MOU includes – to devise specific measures for further promotion of bilateral cooperation in fields to be mutually identified; to maintain liaison between two countries in economic, commercial, technical and other related fields; to review progress of economic commercial and technical cooperation between the two countries and suggest measures for strengthening them and to formulate proposals and submit recommendations to the respective governments for coordinated efforts in furthering economic benefits for both countries.

The HLG will be co-chaired from the Indian side by Minister of Commerce & Industry and the Secretary of Economy from Mexico or by their representative.

The HLG will meet once a year alternatively in each country unless otherwise agreed and special meetings of Working Groups or ad hoc Expert Groups may be arranged when required by both countries.

The Indian exports to Mexico during 2005-06 was US $ 432.85 million while imports from Mexico were US $ 96.18 million. Major item of exports from India include transport equipment, drugs & pharmaceuticals, readymade garments, inorganic/organic/agro chemicals etc.

while major import items include electronic goods, Metalifers ores & metal scrap, iron & steel, plastic material etc.

Press Information Bureau Government of India


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