The Pacific Islands Forum (PIF) and the Asian Development Bank (ADB) have established a significant partnership aimed at strengthening collaboration on vital regional priorities that impact economic resilience, climate preparedness, social inclusion, and sustainable growth in the Blue Pacific region. This strategic agreement was formalized in Suva, where Forum Secretary General Baron Divavesi Waqa and ADB President Masato Kanda came together to sign the pact.
Waqa highlighted the longstanding and fruitful relationship between the ADB and the Blue Pacific region, noting that this partnership reaffirms their shared commitment to developing Pacific-led solutions. The partnership is poised to enhance resilience, improve connectivity, and create opportunities, while also mobilizing climate and development finance in accordance with the 2050 Strategy for the Blue Pacific Continent.
The agreement outlines a comprehensive scope of cooperation, which includes efforts to enhance trade and economic competitiveness, public finance management, fiscal resilience, and regional trade policy. In addition, it is focused on harmonizing investment processes across sectors such as private sector development, micro, small, and medium enterprises (MSMEs), and diversifying economies in agriculture, fisheries, tourism, and the blue economy.
Key issues like correspondent banking relationships, the strengthening of regional financial systems, financial literacy, social protection, climate finance, and disaster risk financing are also central to this agreement. Kanda emphasized the substantial benefits that the Pacific nations can achieve through regional cooperation, stating that collaboration will allow them to effectively tackle shared challenges, from resource protection to enhancing economic resilience.
This partnership symbolizes a collective intention to cultivate a peaceful, secure, and prosperous region, ensuring that all individuals in the Pacific can enjoy healthy, free, and productive lives. It stands as a strong foundation for collaborative growth and a hopeful sign for the future advancement of the Pacific region, making it clear that unity and partnership can lead to significant positive outcomes.