The Pacific Islands Forum (PIF) and the Asian Development Bank (ADB) have formalized a partnership aimed at enhancing collaboration on critical regional priorities pertinent to economic resilience, climate preparedness, social inclusion, and sustainable growth across the Blue Pacific region. This strategic agreement was signed in Suva by Forum Secretary General Baron Divavesi Waqa and ADB President Masato Kanda.
Waqa emphasized the longstanding relationship between the ADB and the Blue Pacific region, stating that the partnership agreement reaffirms their commitment to work collaboratively towards Pacific-led solutions that enhance resilience, connectivity, and opportunities while mobilizing climate and development finance in alignment with the 2050 Strategy for the Blue Pacific Continent.
The scope of this partnership encompasses a range of cooperative efforts including improving trade and economic competitiveness, public finance management, fiscal resilience, and regional trade policy. Moreover, it aims to harmonize investment processes and focuses on various sectors such as private sector development, micro, small, and medium enterprises (MSMEs), economic diversification in agriculture, fisheries, tourism, and the blue economy.
Issues related to correspondent banking relationships, regional financial systems, financial literacy, social protection, climate finance, and disaster risk financing are also integral to the agreement. Kanda highlighted the significant benefits that the geographically dispersed nations of the Pacific can derive from regional cooperation, stating that unity will enable them to address common objectives more effectively, from resource protection to economic resilience.
This agreement reflects a shared commitment to fostering a peaceful, secure, inclusive, and prosperous region, ensuring that all peoples in the Pacific can lead healthy, free, and productive lives. It serves not only as a foundation for collaborative growth but also as a beacon of hope for future advancement in the Pacific region.