New Delhi [India], August 4 (ANI): India and Mauritius have agreed to include the provisions related to Automatic Trigger Safeguard Mechanism in their trade pact Comprehensive Economic Cooperation and Partnership Agreement (CECPA), the Ministry of Commerce and Industry said on Thursday.
The agreement was decided during the 1st session of India-Mauritius High-Powered Joint Trade Committee on August 1-3, in New Delhi.
The High-Powered Joint Trade Committee had been constituted as per the mandate of the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), to review the general functioning and implementation of the trade pact.
The CECPA entered into force on 1st April, 2021 and it is the first trade Agreement signed by India with a country in Africa.
"Both sides agreed to the inclusion of the General Economic Cooperation (GEC) Chapter and Automatic Trigger Safeguard Mechanism (ATSM) in CECPA," the official statement said.
The GEC chapter will enable enhancement of export competitiveness and enlarging the existing scope for collaboration, inter-alia, in the fields of Investments, Financial Services, Textile, Small and Medium Enterprises, Handicrafts, Gems and Jewellery, Information and Communication Technology, Film Production, Space Technology, Blue Economy, Port Infrastructure, Healthcare, Pharmaceuticals and Bio-technology, Competition Policy, Renewable Energy etc.
During the meeting, both sides agreed to enhance bilateral collaboration to further increase bilateral trade and realize the true potential of the bilateral relationship especially under the CECPA.
India and Mauritius held extensive interactions in the Services sector with regard to establishing equivalence in certification, skills and licensing requirements of various professional bodies and exploring collaboration/ cooperation arrangement between Ministry of Skill Development and Entrepreneurship and its counterpart in Mauritius on developing skill-sets.
Mauritian side, while conveying the shortage of professionals in Mauritius in various sectors such as ICT, Financial Services, Film production, Engineering, Health, Tourism/Hospitality and Ocean Economy etc., welcomed movement of high skilled professionals from India to Mauritius.
Besides, both sides expressed willingness to enter into a Customs Mutual Administrative Assistance Agreement (CMMA) and agreed to initiate discussions on the Agreement soon.
Affirming mutual keenness in diversifying and expanding trade basket, the two sides discussed additional market access issues and agreed to discuss bilateral recognition arrangements of equivalence on SPS and TBT measures.
Both sides also agreed to identify bilateral focal points to further strengthen bilateral institutional cooperation.
The bilateral merchandise trade between India and Mauritius rose to USD 786.72 million in 2021-22 from USD 690.02 million in 2019-20.
The meeting was co-chaired by Srikar K Reddy, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry of India, Government of India, and Narainduth Boodhoo, Director of Trade Policy, Ministry of Foreign Affairs, Regional Integration and International Trade, Government of Mauritius.
Senior officials from both countries also took part in the meeting. Both sides agreed to hold the next session of India- Mauritius High Powered JTC meeting in 2023. (ANI)