(4 minutes read)
· India proposes to sign a free trade agreement with Mauritius for further strengthening economic ties between the countries, Commerce and Industry Minister of India Piyush Goyal said
· The proposed India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), the minister said, would benefit both the countries in the area of trade in goods and services
· He also revealed India and the Southern African Customs Union (SACU) will start negotiations for a preferential trading agreement (PTA). Countries in the purview of agreement are Botswana, Lesotho, Namibia, South Africa, and Swaziland
India proposes to sign a free trade agreement with Mauritius for further strengthening economic ties between the countries, Commerce and Industry Minister of India Piyush Goyal said. The agreement is being finalized and consultations are going on.
The proposed India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), the minister said, would benefit both the countries in the area of trade in goods and services. He also revealed India and the Southern African Customs Union (SACU) will start negotiations for a preferential trading agreement (PTA). Countries in the purview of agreement are Botswana, Lesotho, Namibia, South Africa, and Swaziland.
In a PTA, the tariffs are eliminated or cut on a certain number of items, whereas in the case of a free trade agreement, it is across the board cut in tariff but can be at different stages.
India, the commerce minister said, would be happy to work more closely with the African free trade zone. India will also continue to support Africa through lines of credit in priority sectors such as agriculture, irrigation, health, digital technology, power plants, transmission lines, and rail infrastructure. As of June 2020, India has committed US$ 12.7 billion for 40 countries in Africa on highly favorable terms, he added.
