Addressing a programme here, Mexico's Foreign Minister Jose A Meade Kuribrena said the UN body should be "more representative, responsive and inclusive in its structure."
He said the time was ripe to have a debate on the need for reforms in the forum.
Referring to his country's relations with India, Kuribrena said there is immense potential to strengthen India-Mexico relations.
Mexico is India's leading trade partner in Latin America.
The bilateral trade volume was USD 4.15 billion in 2011, and this can be increased to USD 10 billion by 2015.
He was at a session hosted by the Ananta Aspen Centre, an institution working on international relations and public policy.