Economic Growth
“Our Objective is economic growth that is inclusive and equitable.” – Framework for Pacific Regionalism
Achieving high levels of sustained economic growth is an important development policy objective for Forum countries. However, there are many challenges and constraints which impede policy efforts from realising this.
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The Forum Secretariat’s policy work to address these challenges are focused in two broad areas Economic Policy and Trade Policy.
The Forum’s Economic Ministers……
Development Finance
Resilience Finance
Climate Finance
Economic Reform
The Forum’s Trade Ministers……
Trade Agreements
Aid for Trade
Trade Development
The Forum Secretariat’s work on Trade Development in the region seeks to improve the business enabling environment for domestic and international business community-including Micro, Small and Medium Enterprises (MSMEs). The Secretariat’s interventions in trade and private sector development is informed by collective Regional policies emanating from Forum policy making processes, including the 2016 Forum Leaders’ call for measures for regional mobility and harmonisation.
The rising GDP per capita levels among Forum Member States continue to create unprecedented economic opportunities for domestic and intra-regional trade and investments. To exploit these opportunities, the Forum Secretariat has adopted a multi-dimensional approach to support private sector development. This approach is pursued through:
• Supporting cross-border trade and investments overcome destination market information asymmetry. This body of work is delivered by the Pacific Trade & Invest offices, located in strategic markets: Australia, Japan, Beijing, New Zealand, and Geneva. The Forum Secretariat continues to pursue possibilities of expanding the network to other emerging markets-including USA, and Asia. The Pacific Trade & Invest offices, is the Secretariat’s arm that provide particular market access advisory services.
• Supporting Forum-wide high level dialogue and actions for private sector development. Interventions relating to this approach are pursued through convening a regular Private Sector Dialogue in the margins of Forum Ministerial, and Leaders’ meetings. This platform gives the private sector an annual opportunity to engage policy makers on regional private sector issues that need collective actions.
• Represent collective private sector interests at the regional and multi-lateral level. In 2016, Forum Leaders endorsed the Forum Secretariat as a regional focal point for ACP private sector development strategy. The Secretariat works with the ACP Secretariat and other regional agencies to advance this body of work.
• Build synergies to anchor private sector development. Private sector operating environment is complex. In this regard, the Secretariat continues to engage sub-regional, regional and international agencies-including the Pacific Island Private Sector Organisation (PIPSO), and the Commonwealth Secretariat (through the Hub & Spokes programme), to leverage collective efforts needed for private sector development.