India significantly impacted by punitive tariffs: Mauritius PM

Mauritius Prime Minister Navinchandra Ramgoolam also said that India has been and remains a time-tested and trusted partner of Mauritius in its socio-economic development and has steadfastly supported it at all times.

Mumbai: India is being significantly impacted by punitive tariffs and trade war, Mauritius Prime Minister Navinchandra Ramgoolam said on Wednesday, even as he emphasised that the rise in protectionist policies, escalating tensions among major economies and climate-related shocks are compounding the exposure to multiple risks.

Addressing the Mauritius-India Business Conclave, organised here by the Federation of Indian Chamber of Commerce and Industry along with other industry bodies and the Ministry of External Affairs, Ramgoolam also said that India has been and remains a time-tested and trusted partner of Mauritius in its socio-economic development and has steadfastly supported it at all times.

“The global economic order is in a state of chaotic instability and unpredictability. The rise in protectionist policies escalating tensions among major economies, persistent supply chain disruptions, escalating freight costs and climate-related shocks are compounding our exposure to multiple risks,” he said.

Stating that India is being significantly impacted by punitive tariffs and trade war, the Mauritian Prime Minister said, “We are unfortunately living in an era where predictability is becoming unpredictable and certainty is becoming uncertain.”

“Circumstances are compelling us to embrace uncertainty and to best manage it by strong and reliable partnership between our two countries,” he said.

India has been and remains a time-tested and trusted partner of Mauritius in its socio-economic development since the time of our independence and it has steadfastly supported Mauritius at all times, Ramgoolam said.

Noting that India is among Mauritius’ top trading partners and its third source of imports, he said his country’s commercial ties with India are “flourishing, grounded in trust friendship and mutual respect.” “Since the entry into force of the Cooperative Economic Cooperation and Partnership Agreement (CECPA), our trade figures reflect a clear trajectory of success, but the full potential is yet to be realized,” he said.

He said that Mauritius was looking forward to the second session of the high-powered joint trade committee and CECPA to be held in Mauritius. He said that bilateral trade between India and Mauritius has grown to some USD 800 million, more than 6,000 crore, in 2024 with trade being highly in favour of India.

“Mauritius exports to India currently average USD 50 million per year and we're hoping to increase this to USD 100 million in the coming years through the CECPA. One way for Mauritius to lower this huge trade imbalance is to export our financial services to India and to attract more Indian tourists to visit our country, and also to encourage trilateral cooperation between India, Africa and Mauritius,” Ramgoolam said.