The Indo-Pacific Economic Framework (IPEF) aims to strengthen the Vuvale partnership between Fiji and Australia, as both nations are part of this emerging trade agreement.
Tim Ayres, Australia’s Assistant Minister for Trade and Assistant Minister for a Future Made In Australia, emphasized the importance of international collaboration in his address at the 2024 Fiji-Australia and Australia-Fiji Joint Forum held in Suva. With rising geopolitical tensions, conflicts, and a potential global recession, Ayres noted that trade pacts like IPEF offer a new way to tackle these challenges.
“IPEF allows us to create innovative solutions for supply chain resilience, clean energy transitions, digital trade, and combatting corruption,” he stated. Ayres praised Fiji’s involvement and leadership in IPEF, highlighting its significance in the Indo-Pacific region.
He also announced Australia’s $25 billion IPEF Fund intended for technical assistance and economic cooperation, which will aid Fiji in meeting IPEF’s ambitious goals, including supply chain resilience, achieving net-zero emissions, fighting corruption, and attracting foreign investment.
IPEF was introduced by US President Joe Biden in 2022, with Fiji being the only Pacific member. Ayres expressed enthusiasm for Fiji’s renewed interest in the PACER-Plus agreement, suggesting that participation in this initiative would enhance Fiji’s role in regional trade and economic integration.
“We are prepared to assist Fiji in its decision-making and evaluation, as well as in consultation processes. Our goal is to support Fiji’s national development priorities through quality and sustainable infrastructure projects,” he said.
Ayres pointed to the Australian Infrastructure Financing Facility for the Pacific as a key investment example aimed at fostering the region’s future, citing its significant advancements in crucial infrastructure development.
He concluded by affirming that the existing relationships among the governments, businesses, and people of Australia, Fiji, and the Pacific are strong and will continue to flourish.