India and Mauritius Strengthen Ties With Currency Trade Pact
PM Modi announces enhanced India-Mauritius economic partnership.
Prime Minister Narendra Modi announced that India and Mauritius will work towards facilitating bilateral trade using their local currencies, the Indian Rupee and the Mauritian Rupee. The declaration came during comprehensive talks with Mauritian Prime Minister Navinchandra Ramgoolam in Varanasi on Thursday, marking a significant step towards strengthening financial cooperation between the two nations.
Speaking to the media, Modi emphasized the deep historical and cultural bonds uniting India and Mauritius, stating, “We are two countries with one dream and one destiny.” He highlighted their shared commitment to a free, open, secure, and prosperous Indian Ocean, underscoring India’s role as a first responder and net security provider in the region. Modi affirmed India’s dedication to bolstering Mauritius’ maritime security and capacity within its Exclusive Economic Zone, reinforcing their strategic partnership.
Modi also congratulated Ramgoolam and the Mauritian people on the historic Chagos Agreement, which saw the United Kingdom transfer sovereignty of the Chagos Islands, including the strategically vital Diego Garcia, to Mauritius in May. “This is a historic victory for Mauritius’ sovereignty, and India has always stood firmly in support of decolonization and Mauritius’ rights,” Modi said. Under the agreement, the UK retains security responsibilities for Diego Garcia, a key military base.
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Ramgoolam’s ongoing state visit to India, from September 9 to 16, is his first bilateral trip in his current term. In addition to Varanasi, he will visit the spiritual hubs of Ayodhya and Tirupati, further deepening cultural ties. Modi’s own visit to Mauritius in March laid the groundwork for these discussions, reflecting the consistent high-level engagement between the two nations.
This initiative to trade in local currencies is expected to reduce dependency on foreign currencies like the US dollar, streamline transactions, and boost economic resilience for both countries. As India and Mauritius advance their partnership, this move signals a broader push towards regional cooperation and economic innovation in the Indian Ocean region.
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