Mauritius Invites Indian SMEs for Duty-Free Exports Under AGOA

Mauritius encourages Indian SMEs to establish units in the island nation to benefit from duty-free exports to the US under the AGOA. This initiative aims to boost the leather industry's competitive edge amid economic slowdowns in traditional markets. Mauritius is also exploring local currency trade with India.

Mauritius is extending an invitation to Indian Small and Medium Enterprises (SMEs) to set up shop in the island nation to leverage duty-free export advantages under the African Growth and Opportunity Act (AGOA). This law provides duty-free access to the US market, representing a golden opportunity for Indian businesses.

Mauritian High Commissioner to India, Haymandoyal Dillum, recently emphasized the importance of this agreement for Indian industries. Attending a Bharat Chamber of Commerce event in Kolkata, Dillum urged the leather industry to explore value-added opportunities in Mauritius, particularly in light of economic slowdowns in traditional markets such as the US and Europe.

Dillum also highlighted the growing scope of bilateral trade using local currencies. Following the introduction of the INR-Mauritian Rupee trading mechanism and Mauritius adopting the Unified Payment Interface (UPI) system, Vostro accounts have been opened between banks in both countries, signaling future growth in economic collaboration.

(With inputs from agencies.)