The Indo-Pacific Economic Framework (IPEF) is set to strengthen the Vuvale partnership between Fiji and Australia, as both nations are members of this emerging trade pact. Tim Ayres, Australia’s Assistant Minister for Trade and Assistant Minister for a Future Made In Australia, emphasized the importance of collaboration among nations in light of increasing geopolitical tensions, conflict, and the potential for a global recession during his speech at the 2024 Fiji-Australia Joint Forum in Suva.
According to Ayres, IPEF creates a pathway to tackle these challenges through enhanced engagement in trade. “Through IPEF we can develop smart solutions for supply chain resilience, the clean energy transition, digital trade, and combating corruption,” he stated, expressing appreciation for Fiji’s leadership role in IPEF, which underscores Fiji’s significance in the Indo-Pacific region.
The Australian government’s $25 billion IPEF Fund aims to assist Fiji in meeting IPEF’s ambitious standards including enhancing supply chain resilience, transitioning to net zero emissions, countering corruption, and attracting foreign investment. Launched by U.S. President Joe Biden in 2022, IPEF includes Fiji as the only member from the Pacific region. Ayres also conveyed his pleasure at Fiji’s renewed interest in PACER-Plus, highlighting that participation in this agreement would empower Fiji to take a greater leadership position in regional trade and economic integration.
Ayres reaffirmed Australia’s commitment to aiding Fiji’s decision-making and consultation processes, focusing on sustainable and transformative infrastructure development. He noted that the Australian Infrastructure Financing Facility for the Pacific exemplifies their investment in the region’s future, with significant progress already being made in infrastructure development.
The relationships established between the governments, businesses, and peoples of Australia, Fiji, and the Pacific reflect a solid and enduring bond that is expected to strengthen over time.