New Delhi, Oct 22 (IANS): India and Mexico Wednesday discussed the possibilities of cooperation in the hydrocarbon sector, especially in the wake of reforms initiated by the Mexican government in the energy sector.

Both also inked a Memorandum of Understanding (MoU) in space cooperation.

India is the largest buyer of Mexican crude oil in Asia and the third largest overall globally. Private and public sector Indian companies are seeking more opportunities in this sector.

The issue came up during the Sixth Session of the Joint Commission Meeting between India and Mexico that was presided over by External Affairs Minister Sushma Swaraj and Mexican Foreign Affairs Minister Jose Antonio Meade Kuribrena.

This was the first joint commission meeting held under the chairmanship of the two foreign ministers.

The meeting was part of the efforts of the two countries to move the relationship to a higher trajectory, said a statement from the external affairs ministry.

India's relations with Mexico have deepened and strengthened in the last few years. Bilateral trade has increased appreciably. In 2010, it was $2.81 billion and it currently stands at $7 billion annually. The trade is almost evenly balanced.

The two sides signed an MoU on space cooperation under which they will cooperate on issues like remote sensing, satellite communication, capacity development and other mutually beneficial areas relating to cooperation in outer space for peaceful purposes, the statement said.

India's exports mainly comprise organic chemicals, vehicles and auto parts, electrical machinery and equipment, mineral fuels and oil, pharmaceuticals, textiles and garments, gems and jewellery. India's imports mainly consist of crude oil.

The two ministers discussed the reforms which are underway in both countries.

Mexico is taking steps to pass and implement new labour laws and fiscal laws in the telecom sector and in the field of energy.

Sushma Swaraj informed her Mexican counterpart that there are similar challenges in India and the government has also initiated several reforms to stimulate economic growth aimed at putting the Indian economy on a high-growth trajectory in the near future.

Mexico will be setting up an 'India Room' in the National Museum of Cultures in Mexico City. India has gifted 108 pieces for this purpose.

India will be celebrating the 60th anniversary of bilateral relations with Mexico next year and proposes to launch a "Days of India in Mexico".

Both the countries have also agreed to institutionalise bilateral mechanism on consular issues and discussed how they relate to their respective diaspora.

The Mexican foreign minister handed over to Sushma Swaraj an invitation from the president of Mexico inviting Prime Minister Narendra Modi to visit Mexico at his earliest convenience.

The two sides are expected to further consult on this through diplomatic channels, said the statement.