International Finance

Mexico India chamber of business opens as bilateral trade crosses $10 bn

Mexico has overtaken Brazil as the major export destination of India in Latin America

Mexico and India have opened an India Mexico Chamber of Business to boost the growing bilateral commerce and trade connections. Bilateral trade between Mexico and India crossed $10.15 billion in 2018.

The India Mexico business chamber had been lying dormant since 2012. The commercial wing of the Indian embassy in Mexico planned the revival of the chamber and leaders of 27 companies met for several weeks. The industrialists chose Inder Pal Singh, CEO, Tynor Comercializadora as the president of the chamber.

Total trade between Mexico and India increased 240 percent over the last ten years with much of the growth coming after 2015, the Financial Express reported. Bilateral trade was $6.4 billion in 2016 and $8 billion in 2017. India is the third largest oil buyer from Mexico, Mexican officials have said.

Mexico’s ambassador to India told Elets in an interview that Mexico has overtaken Brazil as India’s largest export destination in Latin America with exports worth $3.8 billion. Mexico is also India’s second largest vehicle export market with exports worth approximately $1.2 billion.

From being not even among the top 20 trading partners of Mexico a decade ago, India has remarkably grown to become Mexico’s 9th largest trade partner, according to information from Mexico’s Ministry of Economy. According to officials of the government of India, Indian companies employ up to 30,000 Mexicans in Mexico.

About 70 Indian companies operate in Mexico, across sectors such as automobiles, pharma, and IT. 12 Mexican companies operate in India operating across sectors such as auto parts, entertainment, information technology, energy, processed foods, and industrial products.

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