The Indo-Pacific Economic Framework (IPEF) is set to strengthen the Vuvale partnership between Fiji and Australia, as both nations are part of this new trade agreement. Tim Ayres, Australia’s Assistant Minister for Trade and Assistant Minister for a Future Made in Australia, emphasized the importance of collaboration among countries during his address at the 2024 Fiji-Australia Joint Forum in Suva. He noted the current global challenges, including rising geopolitical tensions and the potential for a global recession, highlighting that trade agreements like IPEF offer a pathway to address these issues.
Ayres pointed out that through IPEF, nations can devise effective solutions for supply chain resilience, transitioning to clean energy, enhancing digital trade, and combating corruption. He praised Fiji’s involvement and leadership in IPEF, recognizing its significant role in the Indo-Pacific region.
Australia has allocated $25 billion through the IPEF Fund to provide technical assistance and promote economic cooperation, aiding Fiji in meeting IPEF’s ambitious standards—including supply chain resilience, achieving net-zero emissions, fighting corruption, and attracting foreign investment. Established by US President Joe Biden in 2022, IPEF includes Fiji as the only Pacific member.
Ayres also expressed enthusiasm for Fiji’s renewed interest in PACER-Plus, which would enhance Fiji’s leadership in regional trade and economic integration. He assured support for Fiji’s decision-making and consultation processes, emphasizing Australia’s commitment to assisting Fiji in nation-building via sustainable infrastructure development.
The Australian Infrastructure Financing Facility for the Pacific is highlighted as a key investment example, already making headway in essential infrastructure development. Ayres concluded by affirming the strong relationships established between Australia, Fiji, and the Pacific, indicating these connections will continue to grow.