MEXICO KEEN ON MORE TRADE WITH INDIA
Date : 09 May 2002
Location : New Delhi
Dr. Luis Ernesto Derbez Bautista, Minister of Economy of Mexico, who met Shri Murasoli Maran, Union Minister of Commerce & Industry, here last evening has said that Mexico is keen to do more trade with India. Towards this end, both sides have agreed to set up a Joint Working Group to explore possibilities of enhancing bilateral relations in the 3 areas of trade, investment and exchange of tariff concessions. Although bilateral trade has been growing at a satisfactory rate having reached a figure of US $ 549 million in 2001, both sides agreed that the current size and composition of the bilateral trade basket fell far short of expectation and potential and that much more needs to be done to tap the potential areas for future economic cooperation especially in the knowledge-based industries such as IT, software, bio-technology, pharmaceuticals, new chemicals etc. The complementarities of the two economies could form a sound basis for rapid expansion of bilateral trade, the two Ministers said, while underlining the need for greater market access for each other’s goods and services. Shri Dipak Chatterjee, Commerce Secretary, was present at the meeting along with other senior officials of the Ministry of Commerce & Industry.
Multilateral trade issues also figured in the discussions particularly in the context of the fact that Mexico would be hosting the next Ministerial Conference of the World Trade Organisation (WTO) next year. Both Shri Maran and Mr. Bautista emphasised the need for sustained consensus building efforts on various multilateral trade issues, particularly those of interest to the developing countries, in the run up to the next Ministerial so that the results of the Conference could be equally beneficial and meaningful for all the participating countries.
Shri Maran also drew the attention of the Mexican Minister to market access issues affecting Indian exports, particularly certificate of origin requirements in Mexico in respect of apparel, textiles, shoes, etc.; recent increase in customs duty on import of readymade garments, leather items, etc., from countries other than those with whom Mexico has free trade agreement; import licensing requirements for some products and matters relating to government procurement. He also urged for simplifying the Mexican visa regime for businessmen and services procedures from India.
The Mexican Minister was accompanied at the meeting by Mr. Angel Villalobos, Deputy Minister of Economy, Mr. Eduardo Perez Mota, Permanent Representative of WTO and Mr. Alan Naum, Director of Information.