Fiji’s Trade Policy Framework, established by the previous government for the period 2015 to 2025 is nearing its expiration.

The Ministry of Trade, led by Deputy Prime Minister and Trade Minister Manoa Kamikamica is set to review and update the policy to enhance its effectiveness and adaptability to current global dynamics.

Kamikamica says forthcoming trade policy will be developed in partnership with the Australian Government and will address critical economic factors.

Notable among these are technological advancements, climate change and the surge of new investment opportunities.

For instance, the Minister says the recent Google investment promises significant advancements in Fiji’s ICT sector, signalling strong international interest.

The Minister states that commercial agriculture sector is experiencing growth, with companies like Fiji Water exploring substantial agricultural ventures.

He says there is also a burgeoning interest in commercial aquaculture which the new policy must account for to ensure sustainable development.

The new trade policy framework will align with the recently launched National Development Plan and the Foreign Policy White Paper.

A key focus will be on consultations with the private sector.

In addition to nurturing existing industries, Kamikamica says the policy will explore emerging sectors, such as medicinal cannabis which is expected to come under discussion soon.

The framework will also consider relevant laws, regulations and international agreements, including the recently initialed Interim Economic Partnership Agreement (IEPA) and the potential of PACER.

Fiji must also turn its attention toward Southeast Asia, a vast market of approximately 750 million people.

As interest from countries like the UAE and Saudi Arabia in the Pacific grows, Kamikamica believes there is a clear opportunity to diversify trade relations and strengthen economic ties.