The Indo-Pacific Economic Framework (IPEF) is set to strengthen the Vuvale partnership between Fiji and Australia as both nations are participants in this emerging trade agreement. During his address at the 2024 Fiji-Australia and Australia-Fiji Joint Forum in Suva, Australia’s Assistant Minister for Trade, Tim Ayres, emphasized the need for collaboration among nations in response to increasing geopolitical tensions, conflicts, and the potential for a global recession.
Ayres outlined that trade agreements like IPEF offer new avenues to confront these global challenges. He stated, “Through IPEF we can develop smart solutions for supply chain resilience, the clean energy transition, digital trade and ending corruption.” He also praised Fiji’s leadership in IPEF, highlighting the country’s significant role in the Indo-Pacific region.
The minister noted Australia’s commitment to assist Fiji with a $25 billion IPEF Fund aimed at technical assistance and economic cooperation, which will help Fiji implement IPEF’s ambitious standards encompassing supply chain resilience, the transition to net-zero emissions, combating corruption, and attracting foreign investment.
Launched by U.S. President Joe Biden in 2022, IPEF includes Fiji as the only Pacific member. Ayres expressed enthusiasm about Fiji’s renewed interest in PACER-Plus, stating that this engagement would enhance Fiji’s leadership role in regional trade and economic integration.
He assured that Australia is prepared to support Fiji throughout the decision-making and consultation processes, emphasizing their commitment to Fiji’s nation-building priorities through sustainable infrastructure development. The Australian Infrastructure Financing Facility for the Pacific is cited as a notable investment in the region’s future, with significant advancements already observed in crucial infrastructure development.
Ayres concluded by highlighting the deep-rooted relationships established between Australia, Fiji, and the Pacific, reinforcing confidence that this partnership will continue to grow stronger over time.