India, Mexico likely to sign Terms of Reference in November
Business
India and Mexico are likely to sign the Terms of Reference for a potential trade pact this November, aiming to keep business smooth as Mexico had approved big tariff hikes effective 1 January 2026.
The agreement, in the works since late last year, is designed to help both countries avoid sudden price jumps and keep their trading partnership steady.
Mexico tariff risks $2B Indian exports
Mexico's tariff hike (jumping from 5% to 50% on 1,455 tariff lines) could hit $2 billion worth of Indian exports like cars, textiles, and steel.
Even though Mexico says these changes aren't targeting India specifically, both sides are eager to sort things out so trade keeps flowing.
In 2024, India and Mexico traded $8.74 billion in goods, everything from smartphones and oil to auto parts.