Mauritius will benefit from preferential market access into India for its 615 products, including frozen fish, speciality sugar, biscuits, fresh fruits, juices, mineral water, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel, Javadekar said.
As regards trade in services, Indian service providers will have access to around 115 sub-sectors from the 11 broad service sectors such as professional services, computer-related services, research & development, other business services, telecommunication, construction, distribution, education, environmental, financial, tourism & travel related, recreational, yoga, audio-visual services, and transport services.
On the other hand, India has offered around 95 sub-sectors from the 11 broad services sectors, including professional services, R&D, other business services, telecommunication, financial, distribution, higher education, environmental, health, tourism and travel related services, recreational services and transport services, he said.
Both sides have also agreed to negotiate an Automatic Trigger Safeguard Mechanism (ATSM) for a limited number of highly sensitive products within two years of the signing of the agreement.
The agreement will be signed on a mutually convenient date and will come into force from first date of the following month.
Mauritius is an important development partner of India. India had extended a ‘special economic package’ of $353 million to Mauritius in 2016.
Since 2005, India has been among the largest trading partners of Mauritius, and has been one of the largest exporters of goods and services to Mauritius. According to the International Trade Centre (ITC), in 2019, the main import partners of Mauritius were India (13.85 per cent), China (16.69 per cent), South Africa (8.07 per cent), and UAE (7.28 per cent).
The bilateral trade between India and Mauritius has registered a growth of 233 per cent from $206.76 million in 2005-06 to $690.02 million in 2019-20.
India’s exports to Mauritius surged 232 per cent from $ 199.43 million in 2005-06 to $662.13 million in 2019-20, while our imports from Mauritius increased 280 per cent from $7.33 million in 2005-06 to $27.89 million in 2019-20.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.