Full utilisation of Mauritius, India trade pact can substantially incr trade: Alan Ganoo
Full utilisation of the free trade agreement implemented between Mauritius and India can substantially increase the bilateral trade between the two countries, Alan Ganoo, Minister of Foreign Affairs, Regional Integration and International Trade, Mauritius, said on Tuesday.
India and Mauritius signed the agreement, officially dubbed as, Comprehensive Economic Cooperation and Partnership Agreement (CECPA), on February 22. It came into force from April 1.
The pact covers 310 export items for India, including food and beverages, agricultural products, textile and textile articles, base metals, electricals, and electronic items, plastics and chemicals, and wood.
On the other hand, Mauritius will benefit from preferential market access into India for its 615 products, including frozen fish, specialty sugar, biscuits, fresh fruits, juices, mineral water, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel.
Ganoo said that the bilateral trade figures are still ''remain below existing potential'' and they can be ''substantially increased if the opportunities of CECPA, which entered into force from April 1, fully utilised''.
He was speaking at PHDCCI's virtual interactive series on 'Global Trade and Investment Opportunities for Indian Industry in Mauritius'.
The minister said that this agreement offers win-win opportunities for Indian exporters and importers.
He added that Mauritius is a renowned producer of high-quality rum and 1.5 million liters of rum can be imported under the agreement by India.
The bilateral trade between the two nations stood at USD 690 million in 2019-20 as against USD 1.23 billion in 2018-19.
Further, the minister sought investments from India as his country is taking steps to improve the business climate.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)