Trade is the main driver for economic growth: Kamikamica

January 30, 2023 6:20 am

Port of Suva. [Source: Flickr]

While traditional trade agreements have ensured tariff liberalization, Deputy Prime Minister and Minister of External Trade Manoa Kamikamica says there are very few agreements that address non-tariff barriers.

Kamikamica says trade costs associated with non-tariff measures are estimated to be more than double that of tariffs.

He adds trade is the main engine and driver for economic growth, and the tensions we are now seeing in the international trading system has been building for decades.

Article continues after advertisement

Deputy Prime Minister and Minister of External Trade Manoa Kamikamica. [Source: Fiji Government/ FB]

The External Trade Minister says they are actively negotiating the Indo-Pacific Economic Framework.

“The IPEF is a novel and landmark initiative led by the United States that looks to facilitate cross-border trade, and address these non-tariff barriers, and trade logistic issues.”

Kamikamica says the framework will leverage public-private partnerships and business-to-business initiatives.

[Source: Fiji Government/ FB]

He adds as a country bursting with potential, Fiji is aptly positioned now more than ever to capitalize on these to create trade and investment, which will lead to employment and revenue generation.