FTMM in FSM critical to Pacific economies

FTMM in FSM critical to Pacific economies

Pohnpei, FSM, 29th April 2010 - The meeting of Forum Trade Ministers’ underway in Pohnpei, in the Federated States of Micronesia is of critical importance to the economies of the Pacific region.

“This meeting provides Ministers with an opportunity to progress the PACER Plus negotiations by providing direction on the timing of future meetings and issues for further consideration,” said Tuiloma Neroni Slade, Secretary General of the Pacific Islands Forum Secretariat at the opening of the meeting today.

PACER is the Pacific Agreement on Closer Economic Relations between the Forum Island Countries with Australia and New Zealand. PACER Plus is a further negotiation process towards a possible free trade agreement among Forum members.

“Remaining outstanding is the necessary issue of national consultations by Forum island countries. These consultations are an integral and vital part of preparations for PACER Plus negotiations. But we need to establish balance and find rational accommodation between national preparations and the progression of agreed regional endeavours. National consultations and the enhancement of capacities are ongoing never-ending and must remain ongoing activities. They cannot hinder and become or be seen as impediments to progress,” said Mr Slade

Secretary General Slade said the Pacific is currently experiencing an important transition phase as the region recovers from the global economic crisis, and makes effort towards increased involvement in global trade.

“Trade is a crucial component of regional economic integration. Forum Leaders have long recognized economic integration as a priority and has been one of the important standing items on our Leaders’ agenda,” said Mr Slade.

Secretary General Slade told the meeting the Chief Trade Adviser for PACER Plus has commenced work in Port Vila, Vanuatu, and earlier this month, PACER Plus Officials met to engage in detailed discussions on priority matters, in accordance with the Trade Ministers’ direction from the Special Meeting on PACER Plus in October 2009.

“Your further direction is now required to move ahead with the negotiations. Your further direction is also necessary to clarify key issues such as when negotiation meetings will take place, what outcomes are expected from these meetings, and what support is required to ensure Forum island countries’ full participation.”

PACER Plus issues will be high on the agenda of the two-day meeting. Other issues include trade-related activities undertaken by the Economic Government Programme at the Forum Secretariat, a strategy for the Pacific Investment and Trade Commissions to create more business opportunities for the private sector in Forum Island Countries assist the private sector in the region become more efficient so that they are able to compete in the global market. The Trade Ministers will also consider options to ensure the long-term funding and sustainability of the Forum WTO Office in Geneva.

The Vice-President of the Federated States of Micronesia, Hon. Alik L.Alik opened the two-day meeting. Hon. Alik is chairing the meeting.

ENDS

© Scoop Media