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GREATER San Fernando Chamber of Commerce president Kiran Singh says the recent visit by Indian Prime Minister Narendra Modi provides a great opportunity to deepen economic ties between Trinidad and Tobago and India.
He made this comment at an Invest India forum hosted by the chamber at RRM Plaza, High Street, San Fernando, on August 9.
Singh recalled TT has benefited from a long-standing history of good bilateral relations with India on several fronts such as trade and culture.
He also recalled several memoranda of understanding (MOUs) were signed between the governments of TT and India during Modi's visit here in July.
Singh said these ranged from agricultural assistance to education and diplomatic advancement.
"This nation is at a critical juncture in the geographical and economic transformation happening across the world."
He said the BRICS (Brazil, Russia, India, China, South Africa) group "is aggressively moving to counter the USA's protectionist regime and the reliance on the US dollar for trade and oil."
Modi, Singh continued, has been promoting South-South trade between India and friendly countries worldwide.
"This strategy will have the powerful impact of negating multiple tariff structures currently being imposed by the USA on trading partners around the world."
Singh said the US' 15 per cent tariff imposed on TT goods last week "has the potential to weaken our forex (foreign exchange) earning capability as the US remains our largest trading partner."
This tariff, he continued, "can destabilise existing and future sales for fertilisers, urea, ammonia and methanol which remains some of our largest exports."
Singh said, the tariff will have negative impacts on the local food and beverage sectors in the short term.
"The competitive advantage can be lost in the medium term if left unchecked."
Singh said, "Creating greater trading links with India is absolutely essential, especially at this time for TT's economic survival and sustainability."
Indian High Commissioner to TT Dr Pradeep Singh Rajpurohit agreed with Singh about the importance of expanding TT-India trade relations.
He said the latest information shows TT exports approximately U$221 million of goods to India while India's exports to TT are approximately U$121 million.
Rajpurohit identified petrochemicals among the major products which TT exports to India. He disclosed a business entity in India recently inquired about importing additional methanol from TT.
He said there were other areas such as food and pharamaceuticals which both countries could look at in terms of deepening trade ties.
Rajpurohit was pleased that one of the bilateral agreements signed during Modi's visit last month involved TT signing on to India's pharmacopoeia initiative which allows countries greater access to pharmaceuticals made in India.
He added while the TT and Indian governments continue to develop bilateral relations on one level, the Indian government also feels it wise to have relevant conversations with local business organisations to make them aware of opportunities in India.
Rajpurohit said this is why the Indian High Commission is seeking to "join directly with the business chambers.
The forum's master of ceremonies Hansley Ajodha said his film company, Golden Eye Productions, has benefitted from collaboration with counterparts in India.
He disclosed collaboration is under way between Golden Eye and its counterparts to produce a movie, 30 per cent of which will be filmed in TT.
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