India and Mexico will hold open talks for a full free trade agreement (FTA) in May, Jaime Nualart, ambassador of Mexico has said. "Negotiations for FTAs take time and we are at a preliminary stage. A high-level committee on economic and trade relations will meet with its Indian counterparts in May.
FTA is one of the major issues to be discussed at the meeting in Mexico," he said on the sidelines of an interactive session organized by the Indian Chamber of Commerce.This will be the second meeting regarding the FTA with India. In 2007, Mexico signed two agreements with India - a bilateral investment promotion and protection pact and a memorandum of understanding to set up a high-level group (HLG) of top public officials and experts to look around for areas of synergy.
"We will also conduct a feasibility study to find out the pros and cons of the FTA with India," he said.
Bilateral trade between India and Mexico crossed $2.95 billion in 2008 and is expected to touch $5 billion by 2010.
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