• Under this, two trading partners cut or eliminate duties on a host of products besides liberalising norms to promote services trade.
Salient features of CECPA:
• It will be the first trade Agreement to be signed by India with a country in Africa.
• It will cover Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures. Dispute Settlement, Movement of Natural Persons, Telecom, Financial services, Customs Procedures and Cooperation in other Areas etc.
• It provides for an institutional mechanism to encourage and improve trade between the two countries.
• Bilateral trade between both has registered a growth of 233% from 2005-06 to reach USD 690.02 million in FY 2019-20.
• India and Mauritius relations are sustained by historic cultural affinities, development cooperation, defence and maritime partnership, and people to people linkages etc.
• India had extended a ‘Special Economic Package’ of USD 353 million to Mauritius in 2016.
• Also, Mauritius was the second top source of foreign direct investment (FDI) into India in 2019-20.
Mains Paper 3: Economy
Prelims level: Comprehensive Economic cooperation and Partnership Agreement
Mains level: Salient features of Comprehensive Economic cooperation and Partnership Agreement