India, Mauritius agree to fast-track talks for PTA

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SME Times News Bureau | 07 Jul, 2012
India and Mauritius Friday agreed to hasten negotiations on the proposed Preferential Trade Agreement, with a view to boost bilateral trade and enhance economic engagements.

Mauritian Minister of Foreign Affairs, Regional Integration and International Trade Arvin Bollel and India's Commerce and Industry Minister Anand Sharma called for early conclusion of the deal during a meeting in the national capital on Friday.

"The bilateral economic and commercial ties have shown a healthy upward trajectory, but there is still a lot of untapped potential in diversifying our commercial exchanges," Sharma said.

The two ministers agreed to hasten the Preferential Trade Agreement (PTA) negotiations and deepen economic engagements, according to an official statement released after the meeting.

India has been the largest source of imports for Mauritius since 2007. However, in sectors like agro-processing, manufacturing, drugs and pharmaceuticals, medical equipment, seafood, automobile parts, tourism and hospitality, IT and IT enabled services and Ayurveda, there is scope to further deepen the ties, Sharma said.

Bilateral trade between India and Mauritius rose to USD 1.39 billion in 2011 as compared to USD 687 million in the previous year.

In 2011, India's exports to Mauritius were worth USD 1.36 billion, while imports were USD 34 million.

The two ministers called for increasing cooperation in textiles sector.