India-Mexico FTA talks likely in May
Mangalorean | 25 Jan 2010
India-Mexico FTA talks likely in May
Kolkata, Jan 25 (IANS) — India and Mexico will hold open talks for a full free trade agreement (FTA) in May, Jaime Nualart, ambassador of Mexico, said here Monday.
"Negotiations for FTAs take time and we are at a preliminary stage. A high-level committee on economic and trade relations will meet with its Indian counterparts in May. FTA is one of the major issues to be discussed at the meeting in Mexico," he said on the sidelines of an interactive session organised by the Indian Chamber of Commerce.
This will be the second meeting on FTA with India. In 2007, Mexico signed two agreements with India - a bilateral investment promotion and protection pact and a memorandum of understanding to set up a high-level group (HLG) of top public officials and experts to look around for areas of synergy.
"We will also conduct a feasibility study to find out the pros and cons of the FTA with India," he said.
According to the ambassador, Mexico is keen on foreign direct investment from India in the mining sector.
"We seek Indian FDI in the mining sector in our country," Nualart said.
A technical team from the Mexican industry ministry will be visiting India in March-April to make a presentation to prospective investors.
Bilateral trade between India and Mexico crossed $2.95 billion in 2008 and is expected to touch $5 billion by 2010.
