Prime Minister Narendra Modi and Mauritius counterpart Navinchandra Ramgoolam have agreed to facilitate trade settlements in Indian Rupees and Mauritian Rupees. The decision aims to de-risk bilateral trade and improve economic cooperation between the two nations. This agreement follows the signing of a Memorandum of Understanding (MoU) between the central banks of both countries.
Strengthening Economic Cooperation
The two leaders also decided to hold the second session of the High Power Joint Trade Committee under the Comprehensive Economic Cooperation and Partnership Agreement (CECPA). This move aims to further boost trade and investment in key sectors such as ocean economy, pharmaceuticals, IT, and fintech to support Mauritius’ economic diversification.
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Commitment to International Trade Standards
PM Modi and PM Ramgoolam agreed to ratify the Protocol on Amendment of the Double Taxation Avoidance Agreement, ensuring compliance with international treaty standards. The leaders emphasized the importance of Mauritius as a gateway for Indian businesses to Africa, leveraging its strategic location and participation in the African Continental Free Trade Area (AfCFTA).
India’s Developmental Assistance to Mauritius
India has been a key development partner for Mauritius, contributing significantly to infrastructure projects such as the Metro Express Project, New Supreme Court Building, New ENT Hospital, and Social Housing Units. PM Ramgoolam expressed gratitude for India’s continued support, particularly during Cyclone Chido, when India provided swift humanitarian aid.
Major Infrastructure and Sustainability Projects
The leaders agreed to work on multiple upcoming projects, including:
- 100 electric buses and charging infrastructure
- Replacement of 100 km of water pipeline under India’s Line of Credit
- New Parliament building development
- Redevelopment of the Ganga Talao Spiritual Sanctuary
India-Mauritius Relations Continue to Deepen
PM Modi’s State Visit to Mauritius from March 11-12 further cemented bilateral ties. He was also the Chief Guest at Mauritius’ National Day celebrations for the second time, reaffirming India’s close historical and cultural connection with Mauritius.
The strengthened trade agreements and development projects mark a new chapter in India-Mauritius relations, fostering long-term economic growth and cooperation.
