The Interim Economic Partnership Agreement (IEPA) between the European Union and Pacific Island countries marks a significant turning point for Fiji’s economy, fostering advancements across multiple sectors including renewable energy and fisheries. This acknowledgment was made by Minister for Trade Manoa Kamikamica during the first-ever two-day EU-Pacific Business Forum that commenced in Nadi.
Minister Kamikamica stated that Fiji’s collaboration with the European Union has developed with depth and purpose. He highlighted key areas where the EU has played a crucial role, from supporting renewable energy transitions to ensuring the conservation of ocean biodiversity and bolstering agribusiness and fisheries.
The IEPA has proven effective in solidifying trade, with last year’s figures showing that trade between the EU and the Pacific Grouping of the African, Caribbean, Pacific countries surged to Euro 3.8 billion ($F10.11 billion), reflecting a 50 percent increase from a decade ago. Fiji has been central to this evolution, significantly increasing its exports to Europe in processed fisheries, agri-based products, and niche manufactured goods.
The Minister emphasized the importance of the global sourcing provision included in the IEPA, which has expanded investment openings within Fiji’s fisheries sector. This provision allows for the exportation of processed fish to Europe, even when sourced from foreign vessels, thereby enhancing Fiji’s market reach without compromising its trade agreements.
Additionally, the partnership has spurred the establishment of the Agribusiness Incubation Centre aimed at empowering young farmers, female entrepreneurs, and rural micro, small, and medium enterprises (MSMEs) to create sustainable, export-oriented projects. Kamikamica pointed out that the impacts of such initiatives are not merely theoretical but are yielding tangible benefits for Fiji’s economy.
The forum also served to highlight the proactive stance of Pacific nations, with Kamikamica asserting that the Pacific is taking the lead rather than waiting for external forces. This sentiment resonates with the initiative’s broader goal of fostering stronger economic ties not only between the EU and Fiji but also within the Pacific community as a whole. The commitment to sustainable and inclusive economic practices underscores a hopeful trajectory for collaboration and mutual growth in the future.
By enhancing trade and investment avenues, the partnership fosters a positive outlook for Fiji’s economic resilience, paving the way for advancements that benefit the entire region.