EU sugar export important for domestic economies: PM
June 24, 2018 6:31 pm
Prime Minister Voreqe Bainimarama says for Fiji and several other African, Caribbean, and Pacific Group of States – sugar exports especially to the European Union have been an important part of domestic economies.
Speaking at the special meeting for the ACP Committee of Ambassadors in Brussels, Bainimarama says sugar quotas to EU ended last year following EU’s move to make sugar regime – market driven.
He says following this, the EU provided traditional ACP sugar suppliers including Fiji accompanying support measures to adjust the sugar sector reform.
However, Bainimarama says the ongoing efforts to value add and undertake diversification initiatives in the sector needs to be taken to another level.
He says the sugar producing countries expected some stability while EU prices gradually decline.
_“However we are now faced with a sharp decline of EU prices very soon after the abolition of the EU sugar production quotas coupled with depressed world market prices. This of course poses a problem and a serious challenge to many of us.” _
Bainimarama told the committee that Fiji’s relationship with the EU through the ACP group has greatly benefited the sugar sector.