The Cabinet has given its approval for the implementation of the Interim Economic Partnership Agreement (IEPA), which includes the removal of duties on select goods imported from European Union countries. This move reflects Fiji’s ongoing commitment to the IEPA, a trade accord designed to enhance commerce and strengthen economic relations between Fiji and the EU.
Fiji is already benefiting from the IEPA, which enables duty-free and quota-free access for Fijian exports to the European market. This arrangement significantly boosts exports by allowing Fijian products to enter EU markets without incurring import taxes.
The removal of duties on goods from Europe will also enhance access for Fijian consumers and businesses to high-quality products, including advanced technology and machinery, which are expected to improve production quality and efficiency in Fiji.
Additionally, Fiji plans to initiate discussions with the EU to explore further export opportunities, including invoking the “global sourcing provision” under the IEPA. If activated, this provision would permit Fiji to process fish caught by foreign fishing vessels locally and export it to the EU without facing import taxes, potentially benefiting Fiji’s fishing industry and increasing exports significantly.