Opening new avenues of growth for Indian entrepreneurs to expand their business into the African continent, India has signed Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius, the first if its kind with an African nation.
"India is privileged to have entered into a Comprehensive Economic Cooperation and Partnership Agreement (CECPA) with Mauritius. This agreement is India's first-such agreement with an African country," said External Affairs Minister S Jaishankar.
He said it will provide a timely boost for the revival of the post-COVID economies and also enable Indian investors to use Mauritius as a launch-pad for business expansion into continental Africa.
Mauritius Prime Minister Jugnauth also noted that the CECPA is the first of its kind signed by India with an African country. "This landmark agreement is far-reaching and will unleash new and expanded opportunities in trade in goods and services, investment, economic cooperation and technical assistance," he said.
The CECPA will encourage Indian entrepreneurs to invest both in Mauritius and across the region, thus helping the ambition of the country to become a strategic regional economic hub and a centre of excellence, Jugnauth said in his remarks.
The CECPA provides preferential access to Mauritius for bulk of the trade and also for many aspirational items for the future into the Indian market of over a billion people. These include frozen fish, specialty sugar, biscuits, fresh fruits, juices, mineral water, soaps, bags, medical and surgical equipment, and apparel.