According to a statement issued by India's Ministry of Commerce, India and Mexico have officially begun negotiations on the “Preferential Trade Agreement” by signing the “Terms of Reference”. The Terms of Reference will define the framework, scope, modus operandi and road map for reaching a binding agreement. It covers market access for goods, rules of origin, customs procedures, dispute resolution, and trade remedy measures. The statement stated that the key areas targeted by this cooperation include automobiles, chemicals, electronic products, pharmaceuticals, energy, and key minerals.

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