The Indo-Pacific Economic Framework (IPEF) is set to enhance the Vuvale partnership between Fiji and Australia, as both countries are part of this emerging trade agreement. In a recent address at the 2024 Fiji-Australia Joint Forum in Suva, Australia’s Assistant Minister for Trade Tim Ayres emphasized the importance of international collaboration in light of growing geopolitical tensions and the potential for a global recession.
Ayres stated that trade agreements like IPEF offer solutions to contemporary challenges, mentioning that the framework can facilitate improvements in supply chain resilience, clean energy transitions, digital trade, and anti-corruption efforts. He praised Fiji’s involvement in IPEF, highlighting its significance as a key player in the Indo-Pacific region.
The IPEF includes a $25 billion fund from Australia dedicated to providing technical assistance and fostering economic cooperation, aimed at helping Fiji meet the ambitious goals of the framework—specifically in areas like supply chain resilience, achieving net zero emissions, combating corruption, and attracting foreign investments.
Introduced by US President Joe Biden in 2022, IPEF counts Fiji as its sole Pacific member. Ayres also expressed enthusiasm about Fiji’s renewed interest in the PACER-Plus agreement, noting that active participation in this pact would allow Fiji to enhance its role in regional trade and economic integration.
He assured support for Fiji during its decision-making and consultation processes, reaffirming Australia’s commitment to Fiji’s development priorities through sustainable infrastructure projects. The Australian Infrastructure Financing Facility for the Pacific was cited as an example of investment aimed at improving the region’s future.
According to Ayres, the relationships between the governments, businesses, and citizens of Australia, Fiji, and other Pacific nations are strong and will continue to grow.