India and Mexico have signed an Annual Action Plan for 2006-07 in the field of Micro, Small and Medium Enterprises (MSMEs) in an attempt to promote trade and cooperation between MSMEs from the two countries and has highlighted several industries that will be prioritised, including the leather treatment chemicals sector.

Other areas identified included light engineering (engineering goods, auto components, nuts and bolts), IT, gems and jewellery, food processing machinery, and garments.

Under the plan India and Mexico will also examine the possibility of establishing a business development centre in each country to promote exports and investment. The plan further envisages the establishment of forums in the respective countries to facilitate joint ventures, licensing, sub-contracting and commercial alliances and distributorship opportunities between Mexican and Indian MSMEs by sharing information.