Mauritius Minister of Financial Services and Economic Planning Jyoti Jeetun has said that introducing trade in local currencies — not only between India and Mauritius but across BRICS nations and the African continent — could prove transformative for all these economies. Speaking in an exclusive interview in New Delhi on 24 August, Jeetun described the shift as increasingly urgent given the current geopolitical climate.

'At the current time, when there is considerable debate about geopolitics and the Global South, this is becoming a very important issue,' she said.

Rupee Clearing System in the Works

Jeetun confirmed that the Bank of Mauritius signed a Memorandum of Understanding with the Reserve Bank of India (RBI) last year to establish a clearing mechanism for the Indian rupee and the Mauritian rupee. The arrangement is aimed at enabling direct bilateral trade without reliance on hard currencies such as the US dollar.

'Instead of using hard currencies, this would allow us to trade directly in our own local currencies. I know that the Bank of Mauritius is working with the RBI to implement this. It would allow us to trade in our local currencies and reduce our dependence on hard currencies. This would significantly help our economies, particularly in the current global and geopolitical context,' she said.

This comes amid a broader global push — particularly among BRICS members — to reduce dollar dependency in cross-border settlements. India has already activated rupee trade frameworks with several countries, and the Mauritius arrangement fits into that expanding architecture.

India's Growth Story as Inspiration

Jeetun also expressed admiration for India's economic trajectory and Prime Minister Narendra Modi's vision of Viksit Bharat 2047, describing it as a model for Mauritius.

'When it was launched, I believe India was the 10th or 11th-largest economy in the world. It is now the fourth-largest and is soon expected to become the third-largest global economy. The growth story speaks for itself,' she noted.

She acknowledged that trade under the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) has grown, though she noted that Mauritius — with a population of around 1.2 million — remains a small domestic market. The minister argued that the real opportunity lies in leveraging Mauritius as a bridge to the wider African market.

Mauritius as a Gateway to Africa

'I think the bigger opportunity lies in the broader India-Mauritius-Africa ecosystem, which can provide much wider opportunities for trade and commercial relations. Mauritius is part of the African Union and is a member of both SADC and COMESA. Africa is experiencing significant economic growth and attracting investment, while its large population represents a major market, much like India,' Jeetun said.

She added that Mauritius is actively working to position itself as a platform for deeper India-Africa trade integration — a role that would amplify its economic weight well beyond its island size.

DTAA Protocol and Energy Partnership

On the recently ratified Double Taxation Avoidance Agreement (DTAA) protocol between the two countries, Jeetun said the development brings much-needed clarity. 'We now feel strongly that we can move forward and provide certainty, predictability and confidence to investors regarding the Mauritius-India treaty and economic relationship,' she said.

On the energy front, Jeetun confirmed that an MoU was signed between the two governments during Petroleum Minister Hardeep Singh Puri's visit to Mauritius. A sale and purchase agreement has also been executed between Indian Oil and the State Trading Corporation of Mauritius, which handles fuel imports for the island nation.

'We view this not simply as a trade relationship but as an economic partnership that provides enormous energy-security guarantees to Mauritius,' she said. The minister flagged the disruption caused by geopolitical tensions — including the conflict involving Iran — as a key reason why the government-to-government fuel arrangement with India holds strategic value. 'Supply chains have been disrupted, and costs have increased. This is a government-to-government arrangement being executed by Indian Oil, and we greatly value it as an important component of the Mauritius-India relationship,' Jeetun added.

As India deepens its economic outreach across the Global South, the Mauritius relationship is increasingly seen as a model for combining financial architecture, trade facilitation, and energy security into a single bilateral framework.