Mexico
(Source : Embassy of India, Mexico City)
The year 2016 saw several noteworthy developments in India-Mexico bilateral relations. The Mexican Foreign Minister visited New Delhi on 11 March, 2016. Later, Prime Minister of India Shri Narendera Modi visited Mexico on 8 June, 2016 and the two leaders discussed raising the bilateral relations from `privileged` to `strategic Partnership`. Minister of State Gen. (Retd.) V. K. Singh visited Mexico during the India LAC Conclave on 28-29 October, 2016. Such and other various important visits of delegation from both sides took the relations to a higher trajectory. This had its deep impact on the commercial relations of the two nations.
Bilateral trade has been accelerating in recent years. In 2016 the total bilateral trade was recorded at US$ 6.3 bn. Our export to Mexico grew consequently for the third year resulting into balance of trade of more than US$ 2.2 bn. in India’s favour.
Trade Missions from India to Mexico
About 10 business delegations organized by trade promotion councils such as CII, FICCI, EEPC, APEDA, FAMEX, TEPC and PSC brought more than 300 business delegations in various fields such as telecom and software products, engineering and hardware products and telecom equipment, construction materials, pharma products etc. For the first time in recent years, the Mexico Business Summit, the largest business gathering of Mexico, had special panel on bilateral relations between India and Mexico in which Ambassador highlighted the important of Indian market for Mexican entrepreneurs.
Over 70 Indian companies participated in the National Hardware Expo which was held on 8-10 September, 2016 in Guadalajara. Ambassador Shri Muktesh Kumar Pardeshi inaugurated the India Pavilion in the popular National Hardware Expo and visited the booths of the participating Indian companies. The exhibition was organised by Engineering Export Promotion Council (EEPC) of India.
New records set for auto output, exports
Automotive production and exports broke new records in March, soaring 36% and 32.7% respectively compared to March 2016. The automotive industry produced 363,687 light vehicles last month, while exports totaled 297,571, said the Mexican Automotive Industry Association (AMIA). Both figures were the highest ever recorded for any month. AMIA president Eduardo Solís cautioned that last year’s numbers were affected by Easter Week falling during March and technical work stoppages during the same month. Another factor is new competitors adding to the production output, he said. Exports also broke a record in the first quarter with 750,000 units, up 14.2% over the same period last year. Eighty-five per cent of those vehicles were exported to the United States and Canada. Domestic automotive sales also saw a big jump in March, setting a new record for the month with 137,012 units sold, up 17.2%.