India, Mauritius ink landmark economic cooperation and partnership agreement
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Mauritius Prime Minister Jugnauth additionally famous that the CECPA is the primary of its variety signed by India with an African nation.
India on Monday signed a landmark Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius, the primary if its variety with an African nation, making the strategically-located nation a launch-pad for enterprise enlargement into the massive African continent.
“Today is indeed a special day in our special relationship,” External Affairs Minister S Jaishankar stated whereas collectively addressing the media with Prime Minister Pravind Jugnauth in Port Louis after calling on him.
“India is privileged to have entered into a Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius. This agreement is India’s first-such agreement with an African country,” Mr. Jaishankar stated.
He stated it is going to present a well timed increase for the revival of the post-COVID economies and additionally allow Indian traders to make use of Mauritius as a launch-pad for enterprise enlargement into continental Africa serving to the prospect of Mauritius rising as a ‘hub of Africa’.
Prime Minister Jugnauth additionally famous that the CECPA is the primary of its variety signed by India with an African nation.
“This landmark agreement is far-reaching and will unleash new and expanded opportunities in trade in goods and services, investment, economic cooperation and technical assistance,” he stated.
“The CECPA will encourage Indian entrepreneurs to invest both in Mauritius and across the region, thus helping the ambition of the country to become a strategic regional economic hub and a centre of excellence,” Mr. Jugnauth stated in his remarks.
The CECPA gives preferential entry to Mauritius for bulk of the commerce and additionally for a lot of aspirational objects for the longer term into the Indian market of over a billion folks. These embrace frozen fish, speciality sugar, biscuits, contemporary fruits, juices, mineral water, soaps, baggage, medical and surgical gear, and attire.
The present international imports of India on these merchandise is nicely over $15 billion. “This is therefore a significant opportunity for Mauritius to benefit from access to the Indian market,” Mr. Jaishankar stated.
He stated Mauritius will get preferential entry for export of 40,000 tonnes of sugar into India at an early time-frame. Similarly, there may even be entry for the export of seven.5 million items of attire.
Mr. Jaishankar stated that within the commerce in providers sector, India has supplied 95 sub-sectors from 11 broad providers sectors.
“Services contribute, I consider, 76% of the GDP of Mauritius, and CECPA will certainly increase the dynamism of the providers sector in Mauritius.
The CECPA might additionally facilitate Indian funding within the Services sector in Mauritius, particularly within the Information and Communication Technologies sector as Indian firms may benefit by leveraging the bilingual prowess of Mauritius for investments in Francophone Africa, the minister stated.
Mr. Jaishankar famous that in his assembly with Prime Minister Jugnauth, they held a prolonged assessment of the great and vital bilateral relationship.
“Our discussions, I believe, were very productive and forward looking, and we really reviewed all aspects of the relationship as well as status of implementation of various projects,” Mr. Jaishankar added.
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