India and Mauritius keen on Preferential Trade Agreement | SupportBiz

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India and Mauritius keen on Preferential Trade Agreement

 
India and Mauritius have 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 New Delhi.

"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 ITeS, and Ayurveda, there is scope to further deepen the ties, Sharma said.

Bilateral trade between India and Mauritius rose to USD1.39 billion in 2011, as compared to USD687 million in the previous year.

In 2011, India's exports to Mauritius were worth USD1.36 billion, while imports were USD34 million.

The two ministers called for increasing co-operation in the textiles sector.