Bid to explore trade benefits

THE Economic Partnership Agreement (EPA) is one of the European Union’s (EU’s) main tools to assist developing countries, such as Fiji, on their path to economic growth and diversification of their economies, says EU Ambassador for the Pacific, Sujiro Seam.

With the aim to explore the benefits of the EPA between the EU, Fiji and Papua New Guinea (PNG) to Pacific businesses, local exporters and importers will be hosted to a trade seminar by the Delegation of the European Union (EU) for the Pacific in collaboration with the University of the South Pacific’s School of Economics in Suva on October 2.

“In the Pacific, Fiji is one of the largest trading partners of the EU. Fiji’s main exports to the EU are raw cane sugar, other agricultural products and fish. The EPA offers opportunities for diversification and strengthening of our economic ties. It generates income and jobs in the private sector. It is a true partnership for trade and development,” said Mr Seam.

“The EU is the world's largest single market and the EPA provides for free access into the EU for products from Fiji and PNG. This market access advantage in PNG has triggered five new investments that have generated 50,000 new jobs, many of them for women. Fiji has also signed the EPA and enjoys similar advantages. For example, duty-free and quota-free access to the EU market for processed fish, regardless of where that fish is caught.”

The EPA is a trade and development agreement between African, Caribbean and Pacific (ACP) countries and the EU. The objectives of the EPA are to promote sustainable development and the gradual integration of Pacific States into the world economy.

The agreement aims at establishing a free trade area between the parties through progressive liberalisation, taking into account the specific needs and capacity constraints of the Pacific States. The EPA covers trade in goods. The EPA between the EU and Pacific ACP States was signed by PNG in July 2009 and by Fiji in December 2009.