The Commonwealth Plan of Action on investment was officially launched at the Finance and Investment for Resilient Growth event during the 2024 Commonwealth Heads of Government Meeting held in Apia, Samoa.
During the event, Prime Minister Sitiveni Rabuka highlighted Fiji’s critical role in mobilizing investment where it is urgently needed and enhancing investment between Commonwealth nations.
Rabuka noted that Fiji, as a member of the Commonwealth Working Group on Trade and Investment, is working on a concessional framework aimed at promoting investment in non-traditional sectors. He stated, “The Plan of Action aligns with Fiji’s national trade and investment policies and the region’s Resource and Economic Development pillar of the 2050 Strategy for a Blue Pacific.”
Additionally, he mentioned that Fiji is actively participating in regional efforts to create a Kava Strategy aimed at exporting Kava to non-preferential markets. Fiji has also completed its fourth World Trade Organization (WTO) Trade Policy Review in 2023, which assessed the country’s compliance with WTO commitments.
Rabuka explained that Fiji has successfully met most of its obligations under the WTO Trade Facilitation Agreement through modernization of customs procedures and efforts to lower the average applied tariff rate during the review period.
He expressed Fiji’s enthusiasm for ongoing collaboration and support for the creation of a “Commonwealth Investment Network,” designed to reflect the principles of the Sustainable Markets Initiative (SMI) as a collaborative platform.
The Plan of Action is a result of the 2023 Commonwealth Trade Ministers Meeting and is part of Fiji’s collective approach to address global economic challenges.
Leave a comment