10 Apr

India is finalizing the draft free trade agreement with Mauritius, which aims to further strengthen economic relations between countries, Trade and Industry Minister Piyush Goyal said on Wednesday. Negotiations took place in several sectors, including goods, services, rules of origin, technical barriers to trade, health and plant health measures, trade agents and dispute resolution. In a free trade agreement, two trading partners reduce or eliminate tariffs on the majority of goods, in addition to liberalizing standards to promote trade in services and stimulate investment. Only the chapter on trade in the products of the Preferential Trade Agreement (EPA) has been finalized. This chapter includes: the comprehensive agreement proposed between India and Mauritius for comprehensive economic cooperation and partnership (CECPA) must mutually benefit countries in the area of trade in goods and services, it was quoted as saying in a statement. The Minister said that India would be happy to cooperate more closely with the African Free Trade Area in the near future. Bilateral trade has grown from about $7 billion to nearly $67 billion over the past 20 years and “has enormous growth potential in the years to come.” “We are pleased that this agreement will allow us to expand opportunities in Mauritius and India. We need to increase trade and investment. In an effort to further deepen their historic relations, India and Mauritius will soon conclude a preferential trade agreement (ZEP). Prime Minister Manmohan Singh and the Prime Minister of Mauritius, Navinchandra Ramgoolam, have also signed six other agreements, including an agreement to transfer convicted prisoners, a legal aid treaty, an aid agreement on hydrography, a MoU in the field of Laseis and legal measurement technique, a slack between the Office of Indian Standards (BIS) and the Mauritius Office of Standards (MSB) and a moU between the Indian Institute of Administration and the Government of Mauritius Mauritius. Experts say there is enormous potential to improve trade relations with the island state for sectors such as information technology and tourism. The Functional Fabric Fair is a private business event that…

He also said that India and the South African Customs Union (SACU) recently decided to resume negotiations on a preferential trade agreement (EPZ) prematurely.