India-Mexico bilateral trade had crossed the US$ 10 billion mark in 2018, even so there was a slight drop in 2019 due to the fact of a important financial downturn in that nation. In 2018, Mexico became India’s major trading companion in Latin America. And for the 1st time India was amongst the major ten industrial partners of Mexico. Why? Because the bilateral trade in 2018 reached more than US $ 10 billion, which was quadruple that of 2009.
As has been reported earlier by TheSpuzz Online, Crude oil has been the major solution exported by Mexico to India and just after the US India is the second-most significant supplier of motorcars and other transport automobiles for Mexico.
Senior diplomat Manpreet Vohra, a 1988-batch Indian Foreign Service (IFS) officer, present Ambassador of India to Mexico, is going to move to Australia as the next High Commissioner. His appointment comes at a time when the bilateral ties among India-Australia are witnessing an up-swing and each nations are strengthening their connection in the Indo-Pacific area.
Before moving to his next appointment, Ambassador Vohra offers updates on some of the critical elements of India-Mexico Bilateral Relationship.
Following are excerpts from Ambassador Vohra’s conversation with Huma Siddiqui:
What is the bilateral trade among India and Mexico as you leave for your next posting?
I am delighted that industrial relations among India and Mexico continue to be robust. Our bilateral trade had crossed the US$ 10 billion mark in 2018 but there was a slight drop in 2019 due to the fact of a important financial downturn in Mexico. 2020, of course, was a year of aberration for all of us but it is quite heartening to note that, in spite of the Covid pandemic, India’s exports to Mexico enhanced by 16% to US$ 4.26 billion, US$ 3.68 billion in 2019. Equally impressive is the truth that some significant Indian and Mexican corporations have announced important investments in the other nation even for the duration of the pandemic. This demonstrates that the foundations are robust for additional development in our financial and industrial relations as the scenario normalizes and the projected financial recovery kicks in for each India and Mexico.
Which are the concentrate regions post-COVID exactly where the Indian corporations can discover?
Every crisis also delivers possibilities. Some of the regions which could be explored by Indian corporations to concentrate on in Mexico are:
Export of pharmaceutical goods such as vaccines, health-related devices and generic drugs
Export of little vehicles, 2-wheelers and 3-wheelers, and electric automobiles
Manufacturing of automobile elements and automotive steel in Mexico
And, export of mobile phones, Digital technologies, such as fintech.
What about India and Mexico working collectively in the Pharma sector?
This would be a important region and a win-win for each India and Mexico. Our #VaccineMaitri, Make-in-India and Make for the World initiatives, have demonstrated the strengths, capabilities and capacities of the Indian pharmaceutical business. The realization has now set in that Mexico ought to be producing higher use of the higher-high quality and inexpensive medicines that India produces and exports to all significant markets, and that Mexico also really should be importing substantially more than it presently does.There is excellent interest now from the Government of Mexico to do so, and I think that the coming months and years may well properly see a important jump in our pharmaceuticals exports to Mexico.
Besides the 870,000 doses of Covishield vaccines that Mexico received from the Serum Institute of India in February, with more to come, we are hopeful that Mexico will quickly authorize the use of Covax from Bharat Biotech also. A technical committee of professionals has currently offered its ´favorable opinion´ for this.
With the government opening the Space Sector for private players also, do you consider the two nations can discover additional?
This is an region of rising collaboration among India and Mexico. ISRO and the Mexican Space Agency currently have a cooperation agreement beneath which ISRO is assisting with capacity constructing and instruction of Mexican officials in the observation and management of forest-fires. Further tips are becoming explored. Recently, on 27 February, ISRO’s PSLV launched a Mexican nano-satellite into space. Mexico is also steering the creation of a new CELAC Space Agency and is discussing feasible collaboration with ISRO on this. Our private players can be anticipated to usher in new and revolutionary niche regions for application of space technologies, specifically for socio-financial improvement, atmosphere management and so on, and these are bound to be of interest to Mexico also.