NEW DELHI, 23 February, 2021 (TON): On Monday, India signs a trade pact, CECPA (Comprehensive Economic Cooperation and Partnership Agreement) with Mauritius marking its first trade agreement with an African country.
On 17 February, the Indian Cabinet had approved the CECPA that is expected to come into effect from March.
The agreement was signed in the presence of Mauritius’ Prime Minister Pravind Jugnauth and India’s external affairs minister S Jaishankar.
Under the agreement, India will have preferential access to the Mauritius market for 310 products, while Mauritius will get access for 615 products.
New Delhi will also have access to about 115 sub-sectors cross 11 broad services sectors including software, financial services and telecommunications. The agreement also has provisions for the unrestricted movement of skilled professionals.
Bilateral trade between India and Mauritius grew 233% from $207 million in 2005-06 to $690 million in FY20. India’s exports to Mauritius jumped 232% from $199 million to $662 million during this period, while imports rose from just over $7 million to almost $28 million.
This good trade agreement seems to be India’s initiative of launching the government’s Atmanirbhar. It is also expected to set the stage for similar agreements with other African nations, where China already has a strong foothold.