External Affairs Minister Sushma Swaraj and her Mexican counterpart Jose Antonio Meade Kuribrena, presiding over the Sixth Session of the Joint Commission Meeting between India and Mexico, also decided to explore cooperation in the hydrocarbon sector.
Mexico has initiated reforms in the energy sector and both private and public sector Indian companies are looking for opportunities in the sector.
Official sources said both Swaraj and Kuribrena underlined the need to expand the ties, particularly in the trade sector.
The bilateral trade volume has increased appreciably. In 2010, the trade volume was USD 2.81 billion while it has reached around USD 7 billion currently.
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The two Ministers discussed the reforms which are underway in both 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.
Official sources said the MoU on space provides for cooperation in areas like remote sensing, satellite communication, capacity development and other mutually beneficial areas relating to peaceful use of outer space.
They said that Mexico will be setting up an 'India Room' in the National Museum of Cultures in Mexico City and India has gifted 108 pieces for this purpose.