The European Union and the Pacific Island Forum Secretariat signed a new project worth EUR 5.75 million (around USD 7 million) to enhance the trade capacity of Pacific countries.
The project titled Strengthening Pacific Intra -Regional and International Trade (SPIRIT) aims to boost and increase intra-regional and international trade. It will facilitate the implementation of trade agreements, in particular the Economic Partnership Agreement (EPA) and of the Pacific’s Aid-for-Trade Strategy 2020-2025.
Pacific Islands Forum Secretary General, Dame Meg Taylor says the implementation of SPIRIT will ease trade challenges faced by the Pacific ACP countries and focus on creating opportunities to trade regionally and internationally.
The Ambassador of the European Union for the Pacific, H.E Sujiro Seam says the SPIRIT project comes at the right time, to alleviate the catastrophic impact of the COVID-19 pandemic on the Pacific economies, build value and growth in the region and take advantage of the business opportunities offered in the European market.”
The Pacific ACP benefitting from the initiative are Cook Islands, Federated States of Micronesia (FSM), Fiji, Kiribati, Nauru, Niue, Palau, Papua New Guinea, Republic of Marshall Islands (RMI), Samoa, Solomon Islands, Timor-Leste, Tonga, Tuvalu, and Vanuatu.