India Races to Secure Trade Deal with Mexico
Last week, Mexico greenlit the dramatic import duty escalation targeting merchandise from multiple nations including India, the report stated.
"Mexico's primary target is not to hit Indian exports," India's Commerce Secretary Rajesh Agrawal said on Monday, according to the report.
Since September, India has maintained active dialogue with Mexico to "pursue a trade agreement to mitigate the impact promptly," he added.
Mexico justifies the levies as necessary measures to strengthen domestic manufacturing, safeguard jobs, and correct trade disparities.
Market observers suggest the strategy actually aims to curry favor with Washington before a scheduled regional commerce pact evaluation in 2026, per the report.
Agrawal confirmed technical negotiations are progressing following a virtual conference between himself and Mexican Vice Minister Luis Rosendo.
India's shipments to Mexico totaled approximately $5.73 billion throughout 2024, while incoming goods reached $3.01 billion. Automobiles, foundational metals, vehicle components, and fabric products dominated bilateral commerce.
New Delhi anticipates Mexico's duties will impact roughly $2 billion in outbound trade, Agrawal noted.
Washington imposed 50% levies on India this past August. Earlier in December, US President Donald Trump threatened supplementary duties against the South Asian nation, claiming it was flooding the American marketplace with rice.
The United States represents the largest export destination for both India and Mexico.
New Delhi currently pursues commercial pacts with approximately a dozen nations or trading confederations, encompassing the US and European Union.
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