New Delhi [India], Feb 17 (ANI): The Union Cabinet has approved signing from the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) between India and Mauritius.
Addressing a press conference here, Information and Broadcasting Minister Prakash Javadekar stated underneath the agreement, India will be sending 310 products to Mauritius and 615 products is going to be imported in the Indian Sea island nation and also the agreement “will further increase trade backward and forward countries.”The official release stated India-Mauritius CECPA “would be the first trade agreement to become signed by India having a country in Africa”.
The Agreement is really a limited agreement, that 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 other locations.
The CECPA between India and Mauritius covers 310 export products for India, including food items and beverages (80 lines), farming products (25 lines), textile and textile articles (27 lines), base metals and articles thereof (32 lines), electricals and also the electronic item (13 lines), plastics and chemicals (20 lines), wood and articles thereof (15 lines), yet others. Mauritius may benefit from preferential market access into India because of its 615 products, including frozen fish, speciality sugar, biscuits, fruits, juices, standard water, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel.
In regards to exchange services, Indian providers will get access to around 115 sub-sectors in the 11 broad service sectors for example expertise, computer-related services, development and research, other business services, telecommunication, construction, distribution, education, ecological, financial, tourism and travel, entertainment, yoga, audio-visual services and transport services.
India has offered around 95 sub-sectors in the 11 broad services sectors including expertise, RD, other business services, telecommunication, financial, distribution, greater education, ecological, health, tourism and travel-related services, recreational services and transport services.
Each side also have decided to negotiate a computerized Trigger Safeguard Mechanism (ATSM) for any small group of highly sensitive products within 2 yrs from the Signing from the Agreement.
The Agreement is going to be signed on the mutually convenient date and can enter into pressure from first date of later.
The discharge stated India and Mauritius enjoy excellent bilateral relations, backed up by historic cultural affinities, frequent high-level political interactions, development cooperation, defence and maritime partnership, and individuals-to-people linkages.
Mauritius is a vital development partner asia. India had extended a ‘Special Economic Package’ of USD 353 million to Mauritius in 2016.
The brand new Top Court building project is among the five projects being implemented under this package and it was jointly inaugurated by Pm Narendra Modi and also the Pm of Mauritius Pravind Jugnauth in This summer 2020.
In October 2019, Pm Modi and also the PM of Mauritius had jointly inaugurated the Phase -I from the Metro Express Project and also the 100-bed condition from the art Ing hospital project in Mauritius, also built underneath the special economic package.
Since 2005, India continues to be one of the largest buying and selling partners of Mauritius and it has been among the largest exporters of products or services to Mauritius.
Based on the Worldwide Trade Center (ITC), in 2019, the primary 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 a rise 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 backward and forward countries”, the discharge stated. (ANI)