India and Mexico launch Negotiations for Preferential Trade Agreement, Sign Terms of Reference

India and Mexico have signed the Terms of Reference to formally launch negotiations for a Preferential Trade Agreement (PTA), establishing a framework and roadmap to expand bilateral trade and investment flows. This initiative stems from an understanding reached between Prime Minister Narendra Modi and President Claudia Sheinbaum during the G7 Summit in June 2025. The negotiations cover areas such as market access for goods, rules of origin, customs procedures, dispute settlement, and trade remedies. The proposed agreement aims to leverage economic complementarities, fostering cooperation in sectors like automotive, chemicals, electronics, pharmaceuticals, critical minerals, and advanced manufacturing.