Prime Minister Narendra Modi and his Mauritius counterpart Navinchandra Ramgoolam have agreed to facilitate trade settlements in local currencies, the Indian Rupee and Mauritian Rupee. The decision aims to derisk bilateral trade and enhance economic cooperation between the two nations.
The leaders also decided to convene the second session of the High Power Joint Trade Committee under the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) to strengthen their economic partnership. These agreements were reached during PM Modi’s State Visit to Mauritius from March 11-12.
Emphasizing the special and unique relationship between the two countries, rooted in shared history, culture, language, and values, the two leaders reaffirmed their commitment to deepening their strategic and economic ties.
A joint vision statement released by the Prime Minister’s Office highlighted their agreement to facilitate trade settlements in local currencies following the signing of a Memorandum of Understanding (MoU) between their respective central banks. The leaders also agreed to ratify the Protocol on Amendment of the Double Taxation Avoidance Agreement to align with international standards on treaty abuse.
PM Modi and PM Ramgoolam pledged to promote investments in emerging sectors such as the ocean economy, pharmaceuticals, IT, and fintech, aiming to diversify Mauritius’ economy and ensure long-term, sustainable growth.
Recognizing the importance of the CECPA, India’s first trade agreement with an African nation, the leaders underscored the need to unlock the full potential of bilateral trade for mutual economic growth and prosperity. They acknowledged Mauritius’ strategic location and its role as a gateway for Indian businesses seeking opportunities in Africa.
India’s significant contributions to Mauritius’ development were acknowledged, including high-profile infrastructure projects like the India-Mauritius Metro Express Project, the New Supreme Court Building, the New ENT Hospital, and social housing initiatives. PM Ramgoolam expressed gratitude for India’s support in these transformative projects.
The leaders also recognized the critical role of the new runway and jetty developed with Indian assistance at Agalega, particularly in providing emergency humanitarian aid after Cyclone Chido. They agreed to advance ongoing infrastructure projects like the Renal Transplant Unit, Forensic Science Laboratory, National Archives and Library, and Civil Service College.
Further cooperation was established for the timely delivery of 100 electric buses and related charging infrastructure, and the implementation of Phase II of High Impact Community Development Projects. The leaders also initiated plans to replace 100 km of water pipeline under the first INR-denominated Line of Credit agreement.
Looking ahead, the two nations agreed to finalize discussions on the construction of a new Parliament building and the redevelopment of the Ganga Talao Spiritual Sanctuary, both supported by Indian grant assistance.
PM Modi’s visit, his second as Chief Guest at Mauritius’ National Day, underscored the enduring partnership between India and Mauritius, built on shared heritage and a collective vision for regional peace, progress, and prosperity.
