The Commonwealth Plan of Action on investment was unveiled at the Finance and Investment for Resilient Growth event, coinciding with the 2024 Commonwealth Heads of Government Meeting in Apia, Samoa.
During his address at the event, Prime Minister Sitiveni Rabuka emphasized Fiji’s pivotal role in attracting investment where it is most required, and in enhancing investment flows between Commonwealth nations.
He noted that Fiji, as a participant in the Commonwealth Working Group on Trade and Investment, is formulating a concessional framework aimed at stimulating investment in non-traditional sectors.
“The Plan of Action aligns with Fiji’s national trade and investment strategies, as well as the region’s Resource and Economic Development pillar of the 2050 Strategy for a Blue Pacific,” Rabuka stated.
He informed attendees that Fiji is involved in regional initiatives, such as developing a Kava Strategy to enable Kava exports to non-preferential markets. Additionally, he highlighted that Fiji completed its 4th World Trade Organization (WTO) Trade Policy Review in 2023, during which discussions on complying with WTO commitments took place.
Rabuka pointed out that Fiji has met most of its commitments under the WTO Trade Facilitation Agreement through customs modernization efforts and has worked to lower the average applied tariff rate during the review period.
“Fiji looks forward to ongoing collaboration and engagement, supporting the establishment of a ‘Commonwealth Investment Network’ that embodies the principles of the Sustainable Markets Initiative (SMI) as a unified platform for cooperation,” he added.
The Plan of Action is a result of the 2023 Commonwealth Trade Ministers Meeting and is part of Fiji’s collective strategy to address global economic challenges.
Leave a comment