Deputy Prime Minister and Minister for Finance, Biman Prasad, participated in a high-level panel at the Asian Development Bank (ADB) Governors Seminar on Cross-Border Collaboration for Future Resilience, which took place during the ADB Annual Meetings in Milan. This seminar gathered prominent economic leaders, including India’s Finance Minister Nirmala Sitharaman and Italy’s Treasury Director Francesca Utili.
During the seminar, DPM Prasad highlighted the significant economic challenges that small island developing states (SIDS), particularly in the Pacific, face due to global tariff disputes and geopolitical tensions. He emphasized the importance of creating tailored approaches to trade and international relations specifically for vulnerable economies, which are essential for building resilience against these external pressures.
Prasad called for an increase in regional integration throughout the Pacific, proposing innovative initiatives like visa-free travel and policy harmonization to facilitate economic growth and enhance collaboration on development projects. He asserted, “Collaboration across borders in the Pacific is essential. Stronger integration can help us address shared challenges while promoting sustainable growth.”
This meeting is part of a broader dialogue that has been initiated by Pacific leaders like Prasad, advocating for comprehensive support systems designed to mitigate the unique challenges faced by Pacific nations. Similar discussions during the recent Pacific Developing Member Countries Governors’ Meeting also emphasized regional cooperation and the necessity for alignment in policies to promote better connectivity and investment opportunities.
The collective ambition shown in these dialogues underscores a united effort among Pacific nations to navigate current global uncertainties and work towards sustainable growth strategies. Such proactive engagement not only promises a stronger response to the trials of today but also ignites hope for a resilient and prosperous future for the Pacific region.
Leave a comment