The Interim Economic Partnership Agreement (IEPA) between the European Union and Pacific Island nations is set to significantly boost Fiji’s economy, creating progress in various sectors such as renewable energy and fisheries. This key development was highlighted by Minister for Trade Manoa Kamikamica during the inaugural two-day EU-Pacific Business Forum held in Nadi.
Minister Kamikamica emphasized the deep and purposeful collaboration between Fiji and the EU. He pointed out critical areas where the EU has made impactful contributions, particularly in supporting the transition to renewable energy, promoting the conservation of ocean biodiversity, and enhancing agribusiness and fisheries.
The effectiveness of the IEPA is reflected in trade statistics, with last year witnessing a surge in trade between the EU and Pacific nations, totaling Euro 3.8 billion (approximately $F10.11 billion)—a remarkable 50 percent increase compared to figures from a decade ago. Fiji has played a pivotal role in this growth, substantially increasing its exports to Europe, notably in processed fisheries, agri-based products, and specialized manufactured goods.
A significant aspect of the IEPA is the introduction of a global sourcing provision, which broadens investment opportunities within Fiji’s fisheries sector. This provision allows Fiji to export processed fish to Europe even when it is sourced from foreign vessels, thus expanding its market reach while maintaining its international trade agreements.
In addition, the partnership has facilitated the establishment of the Agribusiness Incubation Centre, which aims to empower young farmers, female entrepreneurs, and rural micro, small, and medium enterprises (MSMEs) to develop sustainable, export-oriented projects. Minister Kamikamica noted that the impacts of these initiatives are not just theoretical; they are resulting in tangible benefits for Fiji’s economy.
The forum also underscored the proactive approach of Pacific nations, with Kamikamica asserting that the Pacific is taking the initiative rather than passively awaiting external influences. This perspective aligns with the broader objectives of enhancing economic relationships not only between the EU and Fiji but also among the Pacific community. The commitment to sustainable and inclusive economic practices envisions a promising future for collaboration and shared growth.
By broadening trade and investment opportunities, the partnership fosters optimism for Fiji’s economic resilience, paving the way for advancements that will ultimately benefit the entire region.