http://www.calcuttanews.net/story/280259
India, Mexico to sign three pacts
Calcutta News.Net
Friday 7th September, 2007 (IANS)

India and oil-rich Mexico are set to energise their ties when Mexican President Felipe Calderon Hinojosa arrives here Sunday on a four-day visit accompanied by over 100 top corporate honchos eager to do business with Asia's fast-growing economy.

India and Mexico, the Latin American country located thousands of kilometres away, will sign three agreements, including an extradition treaty and pacts on mutual legal assistance in criminal matters and the avoidance of double taxation.

Calderon will hold talks with Prime Minister Manmohan Singh Monday and discuss with him a range of bilateral and global issues, including intensification of business ties between the two countries.

Calderon will address top businessmen here at a lunch organised by India's three apex business bodies, and will visit Bangalore and Mumbai on Tuesday.

Bilateral trade between India and Mexico reached $1.8 billion, of which $1.1 billion consisted of India's exports and $0.7 billion imports.

Engineering goods, chemicals, pharmaceuticals, gems and jewellery, and textiles are the main exports of India. Crude oil accounts for 90 percent of the imports from Mexico.

Indian and Non-resident Indian investment in Mexico is about $3 billion.

Two steel plants of NRI businessman Lakshmi Mittal account for the bulk of Indian investments in Mexico. Videocon has acquired a Mexican TV manufacturing plant for about $300 million, and Dr. Reddy's Laboratories has acquired a pharmaceutical unit for $59 million.