The Cabinet has approved the implementation of the Interim Economic Partnership Agreement (IEPA), which involves removing duties on certain goods imported from European Union countries. This decision reflects Fiji’s ongoing commitment to the IEPA, a trade agreement designed to enhance trade and solidify economic relations between Fiji and the EU.
Fiji is already benefiting from the IEPA, which grants duty-free and quota-free access for Fijian exports to the EU market. This arrangement facilitates an increase in Fiji’s exports by allowing Fijian products to enter EU markets without import taxes.
Additionally, by eliminating duties on products from Europe, Fijian consumers and businesses will gain better access to high-quality goods from the EU, including advanced technology and machinery. This access is expected to enhance the quality and efficiency of production within Fiji.
Fiji will also initiate discussions with the EU to identify further export opportunities, specifically the activation of the “global sourcing provision” under the IEPA. If activated, this provision will enable Fiji to utilize fish caught by foreign fishing vessels, process it domestically, and export it to the EU without incurring any import taxes. This development could significantly benefit Fiji’s fishing industry and enhance export levels.