Ken Poonoosamy Editorial for budget newsletter 2023/24
2 Juin 2023
In the margin of the Commemoration of the 75th Anniversary of the establishment of Diplomatic Relations between the Republic of Mauritius and the Republic of India, the CECPA forum was officially launched by the Honourable Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius this morning, 13th September 2022 at Le Meridien, Pointe aux Piments.
The event was organized jointly by the Ministry of Foreign Affairs, Regional Integration and International Trade, The Ministry of Finance, Economic Planning and Development, and the Economic Development Board in collaboration with the High Commission of India in Mauritius.
The high-level forum saw the participation of around 400 guests in the presence of Hon Alan Ganoo, Minister of Land Transport and Light Rail Minister of Foreign Affairs, Regional Integration, and International Trade, Dr. the Hon Renganaden Padayachy, Minister of Finance, Economic Planning and Development and Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius.
The objective of the CECPA forum was to showcase the opportunities of the agreement with a view to strengthen trade cooperation between Mauritius and India.
Delivering the keynote address, the Prime Minister underlined that the signing of CECPA between Mauritius and India was the culmination of years of intense negotiations and expressed his gratitude to the Government of India and especially Shri Narendra Modi, the Prime Minister of India, for his unwavering commitment in materialising this agreement. The Prime Minister emphasized that the CECPA between Mauritius and India forms part of a broader strategy of the government to broaden our economic horizons and play an integral part in facilitating cross-border trade and investments.
He urged economic operators to avail of the expertise of the Economic Development Board to facilitate their projects and added that EDB will be playing an integral part in charting the future economic architecture for a prosperous country.
On the other hand, in his welcome address by Dr. the Hon Renganaden Padayachy, Minister of Finance, Economic Planning and Development underlined the remarkable performance of Mauritian exports into India which has exceeded MUR 1.3 billion in the first semester of this year. The Minister of Finance added that the CECPA is instrumental in opening new opportunities for our businesses.
In her address, Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius stated that Mauritius is at the intersection of three priority areas of India’s foreign policy- the ‘Neighbourhood First’ Policy which focuses on the Indian Ocean Region and on Africa. She further expressed the wish to consolidate ties with Mauritius as a cherished partner in India’s continued growth story.
The Honourable Alan Ganoo, Minister of Land Transport and Light Rail Minister of Foreign Affairs, Regional Integration and International Trade emphasized that the CECPA aims at consolidating cooperation in key sectors including the ocean economy, ICT, SME Development and robotics. Furthermore, the Mauritius-India, CECPA as the first trade agreement concluded with an African country, creates opportunities for the Indian and Mauritian business communities to access growing opportunities on the African continent. The CECPA allows for market access at concessional customs duties.
Smt. Anupriya Patel, Minister of State for Commerce & Industry, Republic of India highlighted that the CECPA forum bears testimony to the strong and longstanding relationship between India & Mauritius. In this post-covid era, the CECPA will enable both economies to reach new heights since the CECPA came into force on 1st April 2021, the bilateral trade has witnessed a surge of 69%, from USD 465.5 million from 2021 to USD 786.7 million in 2021-2022.
The inaugural ceremony was concluded with the official unveiling of the logo marking the 75th Anniversary Celebrations of the Establishment of Diplomatic Relations between India and Mauritius and the launching of an EDB Booklet which provides a comprehensive overview of the CECPA opportunities.