New Delhi: India and Mauritius have started the process of setting up of Joint Business Council (JBC) and a Joint Working Group (JWG) on trade and investment to enhance economic ties between the countries.
The matter came up during the meeting between Mauritius Industry, Commerce and Consumer Protection Minister Sayyad Abd-Al-Cader Sayed Hossen and Commerce and Industry Minister Anand Sharma here.
"The JBC will be a robust institutional mechanism for giving a boost to trade and investment ties by identifying the priority sectors and sectors of engagement," an official statement today said.
The JWG would further work out the modalities for broadening and deepening the economic engagement between the two countries, it added.
Both the sides also explored the possibilities of approaching new markets through part value addition under the Mauritius Freeport policy.
Under this policy, Mauritius offers zero custom duty and corporate tax free regime for companies with predominant export orientations, specially to Africa.
"The special arrangement of Mauritius with Common Market for Eastern and Southern Africa and the duty-free and quota-free (DFQF) regime with EU will come into play under this Policy," it said.
In this regard, Sharma asked the three chambers - CII, ASSOCHAM and FICCI and the Department of Industrial Policy and Promotion to take necessary action in the matter.
Sharma also conveyed Hossen that both the sides should conduct a Joint Commission Meeting at the earliest to chart out a thorough roadmap for future cooperative ventures between the countries.
On textiles sector, he assured full support for the development of the textiles sector in Mauritius.
"Sharma said that both the countries should look at the possibility of establishing Integrated Textile Park in Mauritius," it said adding he asked the officials to give a concept paper on this within two weeks.
During April-December 2012, the bilateral trade stood at USD 1 billion, registering a marginal decline of 4.78 percent as compared to the corresponding of previous year.