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Business News/ Politics / Policy/  India, Mexico sign MoU on space cooperation

New Delhi: Fresh from its success in injecting a an spacecraft into the orbit of Mars, India on Wednesday signed a pact with Mexico for cooperation in remote sensing, satellite communication and areas related to the peaceful use of outer space.

The pact was signed after talks in New Delhi between external affairs minister Sushma Swaraj and her Mexican counterpart Jose Antonio Meade Kuribrena under the aegis of the joint commission meeting between India and Mexico, a statement from the Indian ministry said.

The two sides also decided to explore cooperation in the hydrocarbon sector. A person close to the developments on the Indian side said India had emerged as the largest buyer of Mexican crude oil in Asia and the third largest overall globally. He declined to be named.

The ministers also discussed the possibility of diversifying the basket of bilateral trade that stood at $7 billion in 2013-14. India’s exports mainly comprise organic chemicals, vehicles and auto parts, electrical machinery and equipment, mineral fuels and oil, pharmaceuticals, textiles and garments, gems and jewellery, the person cited above said. Indian imports were mainly crude oil, minerals, electrical goods and machinery, organic chemicals and iron and steel, according to the Indian foreign ministry website.

The two ministers also briefed each other about the economic reforms underway in their countries. "Mexico is taking steps to pass and implement new labour laws and fiscal laws in the telecom sector and in the field of energy," the person cited above said adding that Swaraj informed her Mexican counterpart of measures taken by India recently in the area of economic reforms.

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Updated: 22 Oct 2014, 08:19 PM IST
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