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India and Mauritius held the first round of talks on a Comprehensive Economic Cooperation and Partnership Agreement (CECPA) here yesterday. The meeting took place between Empowered Committees of the two sides in keeping with the decision taken during the official visit of the Prime Minister of India to Mauritius in March-April, 2005. The Indian delegation at the talks was headed by Shri S.N.Menon, Commerce Secretary and comprised senior officials of the concerned Ministries, while the Mauritian delegation was headed by Mr. Anand Prijay Neewoor, Secretary of Foreign Affairs, Republic of Mauritius, who was assisted by a high powered team.
According to a joint statement issued by the two sides after the meeting, relations between India and Mauritius have traditionally been very close and warm, based on common cultural heritage and ties of kinship and India attaches great importance to its relationship with Mauritius which is reciprocated fully by the Mauritian side. In order to further strengthen and consolidate their bonds and to promote cooperation between the two countries in the economic, commercial and other fields, it was decided at the highest political level to formulate a Comprehensive Economic Cooperation and Partnership Agreement between the two countries in an expeditious manner.
During the meeting, both sides discussed the modalities of implementing this decision. Both recognised that investment and economic cooperation would be a key plank of the CECPA. It was noted that though Indian investments in Mauritius had been increasing in the recent past, these continued to be well below their potential. Mauritius highlighted that, in view of its core competencies, strategic location and trade agreements at multilateral and regional levels, it could serve as a hub for Indian investors not only for the Mauritius market but also to access other markets through its various trade agreements.
The study commissioned by the Government of Mauritius with the EXIM Bank of India identified several areas of investment by the Indian corporate sector. These include tourism, health, education and knowledge, financial services and ICT in addition to small and medium enterprises (SMEs) development, specific areas of manufacturing and capacity building. It was noted that a key objective of Mauritius was to transform itself into a Centre of Excellence to meet its own needs and those of the region.
CECPA would lay down the road map as well as modalities for encouraging Indian investments in Mauritius and joint India-Mauritius investments into the region. CECPA would provide the institutional and facilitative framework to incentivise Indian investments and achieve this objective.
The Mauritian side looked forward to increased flow of Indian investment and transfer of technology and know-how, which should accelerate the process of economic development. The Indian side expressed its keenness to foster and promote relations with Mauritius in diverse areas.
At the end of the discussions, both sides recognised that ample opportunities existed for further enhancing the cooperation between the two countries in a mutually beneficial manner within the framework of the proposed CECPA.
The Mauritian side agreed to host the next meeting for the CECPA in Mauritius in the near future.
SB
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