The cabinet of Fiji has sanctioned the implementation of the Interim Economic Partnership Agreement (IEPA), which will eliminate duties on specific goods imported from European Union countries. This move aligns with Fiji’s commitment to the IEPA, a trade pact designed to enhance trade and fortify economic relations with the EU.
Fiji is already benefiting from the IEPA, which grants duty-free and quota-free access for Fijian exports to the European Union market, allowing for increased export opportunities by exempting Fijian products from import taxes when entering EU markets.
In turn, the removal of duties on imports from Europe is expected to improve access for Fijian consumers and businesses to a range of high-quality products from the EU, including advanced technology and machinery. This is anticipated to enhance the quality and efficiency of production within Fiji.
Furthermore, Fiji plans to engage in discussions with the EU to identify additional export opportunities, particularly focusing on activating the “global sourcing provision” under the IEPA. This provision would enable Fiji to utilize fish caught by foreign vessels, process it domestically, and subsequently export it to the EU without incurring any import taxes.
Such developments could significantly benefit Fiji’s fishing sector and lead to an increase in exports.