Country Report

India- Mexico Exploring Free Trade Agreement; Says Envoy

Published: April 11, 2023

Federico Salas Lotfe, the Mexican ambassador to India, stated in an interview that studies between India and Mexico have begun to look into the possibility of a free-trade agreement (FTA). However, Lotfe said that the agreement is unlikely to be inked within the next two years due to India’s focus on continuing FTA negotiations with the UK, Australia, and other countries. Lotfe suggested bringing business people from the two nations together and highlighting prospects in lithium research in order to strengthen commercial connections. Mexico promoted the expansion of Sun Mobility, an Indian company that creates the energy infrastructure for electric vehicles, into Mexico last year. In the medium term, joint ventures between Indian and Mexican businesses engaged in lithium research should be accomplished, according to Ambassador Lotfe. Edited passages: We saw a sentiment that Prior to the pandemic, there was interest from the Indian side to investigate the prospect of a free trade agreement. India has recently been particularly active in the negotiations of further free trade agreements with Australia, the UK, and the European Union. Thus, I would assume that India’s negotiating team is currently very busy. This has not advanced as quickly as one might anticipate. But, we are currently in the point of determining whether having an FTA is something in which we are both interested. This is forthcoming. Having said that, “I believe what is significant is that the trade relationship is one that is quite strong and expanding despite in the absence of a free trade deal. I would assume that since it is. Everything would go much, lot faster if we ever had a free trade agreement. But, I don’t believe this will occur this year or the one after”

In terms of energy security, we are giving India a lot of oil. This oil transaction accounts for a sizable portion of our $10 billion bilateral trade.

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