The Commonwealth Plan of Action on investment was unveiled at the Finance and Investment for Resilient Growth event during the 2024 Commonwealth Heads of Government Meeting in Apia, Samoa.
Prime Minister Sitiveni Rabuka emphasized Fiji’s vital role in mobilizing investment where it is most essential and promoting increased investment among Commonwealth nations. He mentioned that Fiji is working on a concessional framework to encourage investment in non-traditional sectors, as part of its involvement in the Commonwealth Working Group on Trade and Investment.
“The Plan of Action is in alignment with Fiji’s national trade and investment policies as well as the Resource and Economic Development objectives outlined in the 2050 Strategy for a Blue Pacific,” Rabuka stated.
He also highlighted Fiji’s participation in regional initiatives, including the Kava Strategy aimed at exporting Kava to non-preferential markets. Additionally, Fiji recently completed its fourth World Trade Organization (WTO) Trade Policy Review in 2023, where it received updates on its compliance with WTO commitments.
Rabuka noted that Fiji has largely met its obligations under the WTO Trade Facilitation Agreement, thanks to reforms in customs modernization and efforts to lower the average applied tariff rate during the review period.
“We look forward to ongoing collaboration and engagement, and we back the establishment of a ‘Commonwealth Investment Network’ that embodies the principles of the Sustainable Markets Initiative (SMI) as a joint platform for cooperation,” he added.
This Plan of Action stems from the 2023 Commonwealth Trade Ministers Meeting and represents Fiji’s collective response to global economic challenges.
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