New Delhi, August 3:

India and Seychelles are discussing the possibility of a comprehensive trade agreement, Seychelles president James Alix Michel said here yesterday. The comprehensive trade agreement would be “on the lines of one which India has already signed with Singapore and Mauritius to promote bilateral trade,” said Michel while addressing an interactive meeting with representatives of major Indian industry lobbies.

Discussions on the comprehensive trade agreement are “at advanced stages and progressing very fast towards a logical conclusion,” said Michel. Tourism, fishing, petroleum exploration and communications have been identified as the four major areas of cooperation between India and Seychelles, which is an archipelago in the Indian Ocean comprising over 100 islands.

Calling upon the captains of Indian industry to explore business potential in Seychelles, which opened up to foreign investment two years ago, Seychelles president said because of its geographical placements, his country is full of potential for very high returns, especially in the tourism sector.

He pointed to the fact that “the Taj Group has already made an attempt in this regard which we in Seychelles expect will further expand”.