The proposed free trade agreement between India and Mauritius is nearing finalisation as both the sides have concluded the negotiations for the pact, the commerce ministry said.
The proposed India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) seeks to mutually benefit both the countries in the area of trade in goods and services, it said in a statement. Negotiations were held across several sectors including goods, services, rules of origin, technical barriers to trade and sanitary and phyto-sanitary measures, trade remedies and dispute settlement.
Mauritius was the second top source of foreign direct investment (FDI) into India in 2018-19. India received US$ 8 billion (about Rs 56,000 crore) foreign inflows from the country. The bilateral trade between the countries increased marginally to US$ 1.2 billion in 2018-19 from US$ 1.1 billion in 2017-18.
India exports petroleum products, pharmaceuticals, cereals, cotton and electrical machinery, apparel and clothing accessories to Mauritius. The island nation’s exports to India include iron and steel, pearls, precious/semi-precious stones and optical, photographic and precision instruments.