The Cabinet has granted approval for the implementation of the Interim Economic Partnership Agreement (IEPA) and has decided to eliminate duties on specific goods imported from European Union countries. This action aligns with Fiji’s commitment to the IEPA, a trade agreement designed to enhance trade and strengthen economic relations between Fiji and the EU.
Fiji is already experiencing the advantages of the IEPA, which facilitates duty-free and quota-free access for Fijian exports to the EU market, thereby enhancing Fiji’s export potential by allowing its products to enter EU markets without incurring import taxes.
The removal of duties on European goods will also enable Fijian consumers and businesses to access high-quality products from the EU, including advanced technology and machinery, which are expected to enhance production quality and efficiency in Fiji.
Moving forward, Fiji will initiate discussions with the EU to explore additional export opportunities, particularly the activation of the “global sourcing provision” contained within the IEPA. If implemented, this provision would permit Fiji to utilize fish caught by foreign fishing vessels, process it locally, and subsequently export it to the EU without facing import taxes. This development could significantly benefit Fiji’s fishing industry and increase export volumes.