Deputy Prime Minister and Minister for Trade Manoa Kamikamica says the Pacific’s vast area of oceanic geography presented logistical challenges, escalating transportation costs and hindering seamless trade.
Kamikamica said that supply chain bottlenecks were persistent, affecting our competitiveness and limiting our market reach.
Speaking at the Pacific ACP Trade Ministers Meeting, Kamikamica said in addition, the Russia-Ukraine war is an example of the volatility of the geopolitical landscape, which not only disrupted the global supply chain but escalated uncertainty and volatility in global markets, impacting trade resilience and economic stability.
Kamikamica said: “In the wake of these challenges, it is imperative that we remain united and focus on strengthening our trade and investment ecosystem.
“We must develop strategies that help us navigate both the pre-existing obstacles and the new barriers presented,” he added.
The Minister reiterated the importance of investing in technological advancements, sustainable agriculture, and diversification of regional economies.
Kamikamica added the region must forge resilient partnerships and alliances to mitigate the adverse effects of these challenges and pave the way for sustainable growth.
The PACP Trade Officials put forward recommendations that PACP Trade Ministers, note the updates on the regional trade and investment landscape alongside agreeing to convene a Pacific Connectivity and Supply Chain Forum in 2024 involving Governments, CROP agencies, international organisations, the private sector, and the civil society.
