Modi in Mauritius Talks Trade in Local Currency & Security Ties
PM Narendra Modi attended the National Day celebrations of Mauritius. (Image credit MEA India)
Mauritius Thanks Modi for Support on Chagos Islands Negotiations
By Raisina Correspondent
New Delhi, March 12: India and Mauritius agreed for trade settlements in local currencies. Prime Minister Narendra Modi’s Mauritius visit also firmed up deepening up of defence ties. Mauritius specially thanked Modi on Chagos Islands issue.
Signaling no let down in India’s efforts to seek trade settlements in local currencies despite the US issuing threat, New Delhi and Port Louis agreed for rupee settlement of bilateral trades.
The agreement on the visit of Modi stated that the two nations will “facilitate trade settlements in local currencies, viz. Indian Rupee and Mauritian Rupee, which will work towards derisking bilateral trade, pursuant to signing of an MoU on Local currency Settlement by the partner Central Banks”.
Notably, BRICS nations are also advocating trade settlements in their common currencies. US President Donald Trump has threatened to slap 100 per cent tariffs against BRICS nations if they pursue de-dollarisation.
Mauritius Prime Minister Navinchandra Ramgoolam reiterated that India Inc should take advantage of the nation for Africa outreach. Ramgoolam stressed on Mauritius’s locational advantage and cultural linkages, inter-alia, with Africa.
Mauritius is part of African Continental Free Trade Area (AfCFTA). Bulk of maritime trade also pass through the Indian Ocean with Mauritius straddling at pivotal position. Africa Union had joined G20 during the Leaders’ Summit in New Delhi.
Both the Prime Ministers noted the special security relations between the two countries. They noted that defence and maritime security cooperation remains an important pillar of bilateral relations.
“Mauritius and India have a shared commitment to ensure a free, open, safe and secure Indian Ocean Region,” stated a media statement issued by the Ministry of External Affairs.
The two leaders resolved to “continue cooperation on provisioning of defence and maritime assets and equipment, as per needs and priorities of Mauritius”. Also, they agreed for “increased deployment of ships and aircraft for joint maritime surveillance and hydrography surveys”.
The two leaders welcomed the ongoing discussions between Mauritius and the United Kingdom on Chagos islands. Modi reiterated India’s firm support to Mauritius on the Chagos issue. Ramgoolam thanked the Prime Minister of India for his personal support and engagement with global leaders on this issue, said the statement.
“The leaders agreed to work closely in advancing cooperation under regional and multilateral frameworks, especially through the Indian Ocean Rim Association (IORA), Colombo Security Conclave, the Global Biofuels Alliance, International Solar Alliance, and Coalition for Disaster Resilient Infrastructure,” added the MEA statement.
They also agreed to “hold the second session of High-Power Joint Trade Committee under CECPA to further strengthen trade, economic cooperation and partnership between the two countries”. They also agreed to “ratify the Protocol on Amendment of Double Taxation Avoidance Agreement at the earliest to harmonise with International Standards on treaty abuse, after ongoing discussions are concluded”.
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