The draft free trade agreement between India and Mauritius is nearing being concluded, with both sides concluding negotiations on the pact, the Trade Ministry said on Wednesday. Bilateral trade between countries increased slightly from $1.1 billion in 2017-18 to $1.2 billion in 2018/19. The Minister said that India would be happy to cooperate more closely with the African Free Trade Area in the near future. India is close to concluding a free trade agreement (FTA) with Mauritius, with several rounds of negotiations aimed at improving market access between the two countries, as announced on Wednesday by the Ministry of Trade and Industry. « Seven rounds of the CECPA negotiations between India and Mauritius have been conducted to date, » the ministry said. During these cycles, negotiations have focused on several aspects such as trade in goods, services, rules of origin, technical barriers and health and plant health measures (SPS), trade agents and dispute resolution. In 2018/19, India had a trade surplus with Mauritius of about $1.09 billion, meaning it exported more goods to the island state than it imported. In order to promote trade and economic relations between India and Africa, the ministry regularly reviews trade relations through institutional mechanisms such as joint Commission meetings, joint trade committees and joint working groups. He also said that India and the South African Customs Union (SACU) recently decided to resume negotiations on a preferential trade agreement (EPZ) prematurely. Countries include free trade agreements to facilitate trade in goods and services between them.
This is usually done by removing or removing trade barriers, such as tariffs and quotas, that these countries would have imposed on these goods and services. 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. An EPA is slightly different from a free trade agreement. In the free trade agreement, two parties reduce or eliminate tariffs on the maximum number of products with which they trade, while in an EPA, tariffs on certain products are abolished or reduced. 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. The proposed comprehensive agreement between India and Mauritius for Comprehensive Economic Cooperation and Partnership (CECPA) aims to benefit both countries in the area of trade in goods and services, it was quoted in a statement. Free trade agreements | Negotiations between India and Mauritius took place in several sectors, including goods, services, rules of origin, technical barriers to trade, health and plant health measures, trade and dispute resolution.