New Delhi [India], February 17 (ANI): The Union Cabinet has approved signing in the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius.
Addressing a press conference here, Information and Broadcasting Minister Prakash Javadekar mentioned beneath the agreement, India is going to be delivering 310 products to Mauritius and 615 products will probably be imported within the Indian Ocean island nation as well as the agreement “will further increase trade forward and backward countries.”The state release mentioned India-Mauritius CECPA “will be the first trade agreement to get signed by India getting a rustic in Africa”.
The Agreement can be a limited agreement, which will cover exchange goods, rules of origin, exchange services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in areas.
The CECPA between India and Mauritius covers 310 export products for India, including food products and beverages (80 lines), farming products (25 lines), textile and textile articles (27 lines), base metals and articles thereof (32 lines), electricals as well as the electronic item (13 lines), plastics and chemicals (20 lines), wood and articles thereof (15 lines), while others. Mauritius will benefit from preferential market access into India due to its 615 products, including frozen fish, speciality sugar, biscuits, fruits, juices, h2o, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel.
When it comes to exchange services, Indian providers will obtain access to around 115 sub-sectors within the 11 broad service sectors for instance expertise, computer-related services, development and research, other business services, telecommunication, construction, distribution, education, environmental, financial, tourism and travel, entertainment, yoga, audio-visual services and transport services.
India has offered around 95 sub-sectors within the 11 broad services sectors including expertise, RD, other business services, telecommunication, financial, distribution, greater education, environmental, health, tourism and travel-related services, recreational services and transport services.
Both sides also provide made the decision to barter a mechanical Trigger Safeguard Mechanism (ATSM) for just about any select few of highly sensitive products within couple of years in the Signing in the Agreement.
The Agreement will probably be signed around the mutually convenient date and may enter pressure from first date of later.
The release mentioned India and Mauritius enjoy excellent bilateral relations, maintained by historic cultural affinities, frequent high-level political interactions, development cooperation, defence and maritime partnership, and people-to-people linkages.
Mauritius is a crucial development partner asia. India had extended a ‘Special Economic Package’ of USD 353 million to Mauritius in 2016.
The completely new Top Court building project is probably the five projects being implemented under this package also it was jointly inaugurated by Pm Narendra Modi as well as the Pm of Mauritius Pravind Jugnauth within this summer time 2020.
In October 2019, Pm Modi as well as the PM of Mauritius had jointly inaugurated the Phase -I in the Metro Express Project as well as the 100-bed condition in the art Ing hospital project in Mauritius, also built beneath the special economic package.
Since 2005, India remains among the largest exchanging partners of Mauritius and contains been one of the largest exporters of services or products to Mauritius.
In line with the Worldwide Trade Center (ITC), in 2019, the main import partners of Mauritius were India (13.85%), China (16.69%), Nigeria (8.07%), and UAE (7.28%).
The bilateral trade between India and Mauritius has registered an increase of 233% from USD 206.76 million in Financial Year (FY) 2005-06 to USD 690.02 million in FY 2019-20.
India’s exports to Mauritius surged 232% from USD 199.43 million in FY 2005-06 to USD 662.13 million in FY 2019-20, while India’s imports from Mauritius elevated 280% from USD7.33 million in 2005-06 to USD 27.89 million in FY 2019-20.
The India-Mauritius CECPA will further cement “the already deep and special relations forward and backward countries”, the release mentioned. (ANI)