Fiji Ready for Economic Partnership with EU

The Government of Fiji has notified the European Union of its decision to apply the interim Economic Partnership Agreement (EPA) with the European Union, rendering the EPA between the two parties ready for implementation.

The EPA provides for free access into the EU for all products from the countries concerned. In the Pacific region, Papua New Guinea has already ratified this agreement and implementation is on-going.

An EU spokesperson for trade said: “Fiji’s decision to apply the interim Economic Partnership Agreement is a very significant step in our relationship.

This agreement is a true partnership for trade and development. The EPA is one of our main tools to assist developing countries, such as Fiji, on their path to economic growth and diversification of their economies.”

The interim Economic Partnership Agreement provides for duty-free quota-free market access into the EU for all exports originating from Fiji and Papua New Guinea.

For its part, Fiji will gradually open its market to European exports over a transitional period until 2023, with the exception of some agricultural and industrial sensitive products.

In addition, the agreement contains provisions on trade defence instruments, dispute settlement and sustainable development principles.

This agreement is a negotiated and lasting framework for trade relations between the EU, Papua New Guinea and Fiji. It is also open to other Pacific ACP States that wish to join.

The interim Economic Partnership Agreement provides for a joint Trade Committee to monitor the implementation of the Agreement. The fourth meeting of the Committee between the EU and Papua New Guinea will be the occasion to fully associate Fiji with the implementation.

The interim EPA between the EU and Pacific ACP States was signed by Papua New Guinea in July 2009 and by Fiji in December 2009.

The European Parliament approved the Agreement in January 2011 and Papua New Guinea ratified it in May 2011. Fiji will now start to implement the agreement as from the end of July 2014.

In the Pacific, Fiji is the second-largest trading partner of the EU. The main EU exports are electrical machinery and equipment. Fiji’s main exports to the EU are raw cane sugar, other agricultural products and fish.

[mappress]
Press Release; July 21st, 2014