India-Mexico trade can touch $10 bn by 2015: Swaraj

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SME Times News Bureau | 21 Oct, 2014
Ahead of the India-Mexico joint commission meeting, visiting Mexican Foreign Minister Jose A. Meade Kuribrena said Monday that bilateral trade has the potential to increase to USD 10 billion by 2015.

Meade, who is to meet National Security Advisor Ajit Doval Tuesday and hold the Joint Commission Meeting with his Indian counterpart Sushma Swaraj on Wednesday, said: "There is immense potential to strengthen India-Mexico relations. Mexico is India's leading trade partner in Latin America."

He said the bilateral trade volume was USD 4.15 billion in 2011 "and this can be increased to USD 10 billion by 2015. Our relationship with partners is extremely intense. This is why today, India and Mexico share a close relationship among the G20 nations. Mexico is now part of India's value-chain in the manufacturing sector," he said during a talk at the Ananta Aspen Centre here.

He also pushed for UN Security Council reform, saying it should "be more representative, responsive and inclusive in its structure. The time is ripe to have a hearty debate on the need for reforms in the forum".

On the recent structural reforms approved by the Mexican Congress, Meade said: "Mexico is the fourth largest economy in the Americas. It is the fourteenth largest country in the world. We have low debt, stable economic system and strong financial sector. However, good macro indicators are not enough.

"We need other sources of growth. The Mexican Congress has recently engaged in structural reforms in the areas of labour market regulation, education, telecommunication and competition policy, financial sector regulation, energy and fiscal policy. These are aimed at increasing Mexico's productivity and competitiveness," he said, according to a Ananta Aspen press statement.