The Commonwealth Plan of Action on investment was unveiled during the Finance and Investment for Resilient Growth event, which took place at the 2024 Commonwealth Heads of Government Meeting in Apia, Samoa.
Prime Minister Sitiveni Rabuka highlighted Fiji’s pivotal role in mobilizing investments where they are most required and promoting increased investment among Commonwealth nations. He noted that Fiji, as a member of the Commonwealth Working Group on Trade and Investment, is creating a concessional framework aimed at encouraging investment in non-traditional sectors.
“The Plan of Action is in line with Fiji’s national trade and investment policies and supports the region’s Resource and Economic Development pillar under the 2050 Strategy for a Blue Pacific,” Rabuka stated. He mentioned that Fiji is involved in regional efforts to formulate a Kava Strategy intended to export Kava to non-preferential markets and has recently completed its fourth World Trade Organization (WTO) Trade Policy Review in 2023, during which it was briefed on compliance with WTO obligations.
Rabuka elaborated that Fiji has met most of its commitments under the WTO Trade Facilitation Agreement, thanks to modernizing customs and reducing the average applied tariff rate during the review period.
“We look forward to continued collaboration and engagement, and we support the creation of a ‘Commonwealth Investment Network’ that embodies the Sustainable Markets Initiative (SMI) principles as a cooperative platform,” he added.
The Plan of Action is the result of the 2023 Commonwealth Trade Ministers Meeting and contributes to Fiji’s collective response to ongoing global economic challenges.
Leave a comment