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. Tim Ayres, Australia’s Assistant Minister for Trade, emphasized this point during his address at the 2024 Fiji-Australia and Australia-Fiji Joint Forum in Suva. He highlighted that amid rising geopolitical tensions and potential global recession, international cooperation has never been more vital.
Trade agreements like the IPEF offer innovative solutions to these challenges, according to Mr. Ayres, who mentioned the framework’s focus on enhancing supply chain resilience, transitioning to clean energy, promoting digital trade, and combating corruption. He commended Fiji’s active involvement in IPEF, viewing it as a testament to the nation’s significant role in the Indo-Pacific.
Mr. Ayres noted that Australia’s $25 billion IPEF Fund for technical assistance would aid Fiji in upholding the ambitious standards of the framework, encompassing supply chain resilience, the journey toward net-zero emissions, fighting corruption, and attracting foreign investment. Initiated by U.S. President Joe Biden in 2022, IPEF includes Fiji as the sole Pacific member.
He expressed enthusiasm about Fiji’s renewed interest in PACER-Plus, which could enhance Fiji’s leadership in regional trade and economic integration. Ayres assured Fiji of Australia’s commitment to supporting its decision-making and consultation processes, as well as its goals for sustainable infrastructure development. He pointed to the Australian Infrastructure Financing Facility for the Pacific as a key investment in the area’s future, already making notable advancements in infrastructure development.
The established Government to Government, Business to Business, and People to People relationships between Australia, Fiji, and the Pacific create a strong foundation that is expected to continue strengthening over time.