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AfricaMoney | October 19, 2017

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Mauritius must avoid middle income trap: Trade Minister

Mauritius must avoid middle income trap: Trade Minister

Mauritius has a last recorded gross national income (GNI) per person of $8,570 by the World Bank in 2012 which qualifies it as an upper middle income economy, and it aspires to be a high income economy. (Image: Promo Tour Mauritius)

Highlighting the island nation’s aspirations to transform into a high income economy, Trade Minister Arvin Boolell noted that the country must avoid the middle income trap at all costs.

Mauritius has a last recorded gross national income (GNI) per person of $8,570 by the World Bank in 2012 which qualifies it as an upper middle income economy (where GNI per capita ranges from $4,036 to $12,475), and it aspires to be a high income nation.

Besides, the minister also stressed that the economic diplomacy of the island economy draws from its proximity to the African continent.

Addressing members of the Diplomatic and Consular Corps posted in Mauritius, on Monday at the Le Maritim, Boolell pointed out that Mauritius will engage more fully with its partners to consolidate the pillars of future economic growth.

The ocean economy would serve as a new pillar for future growth, he noted, adding that 2013 will go down in the island nation’s history as that in which the country launched the roadmap for the development of its blue economy.

He also spoke on the challenges facing Mauritius in 2014, covering the changing nature of the island economy’s relations with traditional development partners.

Further, he referred to the ongoing negotiations for an Economic Partnership Agreement with the EU, aimed at fostering EU investments in both traditional and emerging services sectors.

The minister stressed that solidarity, support, dialogue and shared values would serve as the cornerstones of a re-defined and sustainable relationship with the EU in the coming years.

Such dialogue would be bilateral in nature as well as at ACP-EU and Africa-EU levels, he noted, adding that Mauritius would also remain active in the ongoing reflection on the future of the ACP (Africa, Caribbean and Pacific Group of States).

As part of Africa, Boolell said that Mauritius would work towards stepping up its engagements with the USA for the extension of the Third Country Fabric derogation under AGOA (African Growth and Opportunity Act) post 2015.

He expressed satisfaction with US President Barack Obama’s initiative to push for a seamless extension of the Third Country Fabric derogation under AGOA post 2015. Mauritius also stands ready to negotiate a Free Trade Agreement with the US either on a bilateral basis or in regional settings, he added.

Boolell called on members of the Diplomatic and Consular Corps to dedicate themselves to shared commitment on three interlinked goals: strengthening bilateral, regional and international cooperation; addressing global challenges and formulating collective responses in a fair, responsible and inclusive manner; and, establishing an international system based on democratic governance and that better guarantees human security through sustainable development, prosperity and peace for all.

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