Mexico keen to enhance bi-lateral trade relationship with India says Mexican Ambassador in Kolkata

To enhance the relationship, Kolkata-based Bengal Chambers recently organized an interactive session with Melba Pria, Ambassador of Mexico in India.

Various company heads and public relations officers were present at the discussion.

India and Mexico’s diplomatic relation goes back to 1950; Mexico was the first Latin American countries to recognize India after her independence.

In 2017, trade increased by 33% over 2016 and reached the level of USD 8.37 billion with Indian exports worth 5.02 billion and imports 3.35 billion. India’s export to Mexico increased by 7% in 2016.

The trade balance remained in favor of India for the third consecutive year.

Commenting on the trade relationship between India and Mexico, Ambassador Melba Pria said, “Bilateral trade between Mexico and India is approximately around 8 billion USD. India exports 1 million Volkswagon Vento cars to Mexico yearly."

"Also Mexico has 100% healthcare," the Ambssador said. "We believe in quality pharma products and all Indian Pharma companies have excellent opportunity. Sun Pharma with Mexican certification can sell anywhere in Latin America. Also Mexican certification fulfills 78% of the requirements of American markets making it easier for Indian companies for setting production units."

The Ambassador also pointed out that India is also observer of the Pacific Treaty. "Mexico is No. 1 recipient of FDI in India and India is No. 1 recipient in FDI from Mexico," said Ambassador Melba Pria. "With rise in fuel prices, trade between two countries will go up. If Mexico stops exports to India, there will be very little trade but India has diversified trade in Mexico through its products and services."

"The two focus areas from Eastern India are Jute (though we produce it in Mexico) and tea. Tea has a greater potential to be explored from this part of the country,” said the Mexican Ambassador to India.

While talking about similarities between India and Mexico, she said, “We may belong to separate continents but we are more similar than we realize.  We love our spices and funnily enough we are both referred to as Indians.”      
Impelled by the commonalities, convergence of worldviews, and an issue free relationship, India and Mexico have collaborated together on major global issues, such as nuclear disarmament, climate change, trade, and global economic architecture.

Indo-Mexican relations were further elevated to ‘Privileged Partnership’ when President Calderon’s visit to India in 2007.

Investments from India in Mexico are estimated significantly above US$ 1 billion.

Sumit Mazumdar, Former President, The Bengal Chamber and Honorary Consul, Republic of Mexico in Kolkata spoke about the Indo-Mexican relations.

He said, “2017 saw a total bilateral trade of $8.37 billion between the two countries. Indian exports were $5.02 billion and Mexican imports to India were $3.35 billion. Export items from India mainly included chemicals, electrical machinery & equipment, pharmaceuticals, textiles & garments, diamonds, engineering goods, gem & jewellery, iron and steel, auto parts and agricultural produce. We hope to increase the amount in the near future and that is the purpose behind this conference.”

B.B. Chatterjee, Senior Vice President, The Bengal Chamber, said, “The trade balance is in favor of India (1.67 billion) at the moment. At the same time, about 75 % of Mexico exports comprise just one item, crude oil. India imports about US $ 2.6 billion worth of oil from Mexico and is already Mexico’s third-largest market globally. Since India is the world’s fourth-largest consumer of oil and one of the world’s fastest-growing economies, there is scope to buy much more oil from Mexico in the future to meet our energy requirements."

Mexican ambassador not only spoke about the business ties but also talked about the various grants and scholarships for foreign students and encouraged Indian students to go and study in Mexico.

(Reporting by Tirna Chatterjee)