India, Mexico discuss strategic alliance

Over the past few years, Mexico has made a strong effort to pursue closer ties with India, which is one of its primary trading partners in the region.

May 1, 2023

India and Mexico have signed a Memorandum of Understanding to expand cooperation in the lithium sector for electric mobility

Mexico aims to attract Indian electric mobility companies like Sun Mobility to its shores

Joint ventures between Indian and Mexican firms on the use of lithium may be established in the medium term

Enhancing trade, diversifying energy sources, and collaborating on critical minerals are all important economic priorities for India in strengthening its ties with Latin America

India is contemplating advancing its bilateral relationship with Mexico to a “strategic partnership,” indicating New Delhi’s growing inclination toward Latin America. Mexico is one of India’s primary trading partners in the region and has demonstrated a strong interest in India in recent years, with Mexico’s foreign minister Marcelo Ebrard having visited New Delhi twice in the past year alone, and India’s external affairs minister S Jaishankar having visited Mexico in 2021.

The development of lithium reserves for electric mobility is a key driver for deepening bilateral ties, as India’s trade with Latin America exceeds $50 billion. To this end, the two countries signed a Memorandum of Understanding earlier this year to expand cooperation in the lithium sector. Mexico aims to attract Indian electric mobility companies such as Sun Mobility to its shores, and joint ventures between Indian and Mexican firms on the use of lithium may also be established in the medium term. India’s bilateral trade with Mexico, which includes energy trade, is worth $10 billion.

Enhancing trade, diversifying energy sources, and collaborating on critical minerals are all important economic priorities for India.

Source: Mint

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