India and Mexico Sign Terms of Reference for Preferential Trade Agreement (PTA)

Why in the News?

India and Mexico have taken a historic step in advancing their strategic economic partnership by signing the **Terms of Reference (ToR)** for a **Preferential Trade Agreement (PTA)**, formally launching official bilateral trade negotiations.

Key Features / Major Points:

- Signatories: Signed in Mexico by India’s Commerce Secretary **Rajesh Agrawal** and Mexico’s Undersecretary of Foreign Trade **Luis Rosendo Gutiérrez Romano**.

- Strategic Objectives:

- Accelerate bilateral trade and stimulate investments.

- Generate new commercial opportunities for businesses and micro-enterprises.

- Build resilient, diversified, and reliable global supply chains.

- Core Negotiation Pillars: Market access for goods, rules of origin, customs procedures and trade facilitation, dispute settlement mechanisms, and technical barriers to trade (TBT).

- Strategic Background: Originates from the bilateral understanding reached between Prime Minister **Narendra Modi** and Mexican President **Claudia Sheinbaum** during the G7 Summit in Canada last year.

Static GK Facts:

- Preferential Trade Agreement (PTA): A trade pact where participating nations reduce tariffs on mutually agreed tariff lines/products.

- Country Profile (Mexico):

- Capital: **Mexico City** | Currency: **Mexican Peso (MXN)**.

- President: Claudia Sheinbaum (Mexico's first female President).

- Union Minister of Commerce and Industry: **Piyush Goyal**.

One-Liner Quiz (All Competitive Exams):

Q: With which North American country did India sign the Terms of Reference (ToR) to launch Preferential Trade Agreement (PTA) negotiations?

A: Mexico

Q: Who signed the PTA Terms of Reference on behalf of the Government of India in Mexico?

A: Rajesh Agrawal (Commerce Secretary)

Q: Who is the current and first female President of Mexico?

A: Claudia Sheinbaum

Q: What is the capital and currency of Mexico?

A: Capital: Mexico City | Currency: Mexican Peso

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