U.S to Strengthen Trade and Investment Linkages with the Pacific Region Featured
Some products that have successfully entered the U.S. market were on display
27 August, 2015. Discussions on strengthening trade and investment linkages between the Pacific Island Countries (PICs) and the U.S. occurred last week at the Shangri-La Fijian Resort in Sigatoka, Fiji.
The event, jointly organised by the Pacific Islands Forum Secretariat and the U.S. Department of State,was attended by close to 100 representatives comprising government officials, private sector representatives and non-governmental organisations from the PICs as well as a high-level delegation from the U.S. government.
The regional workshop clarified the trade-related regulatory environment in the U.S. for goods exported by the Pacific Islands and explored niche opportunities for trade, such as U.S. organic product certifications. Pacific Island businesses that have successfully entered the U.S. market shared their lessons learnt and best practices, while others highlighted the challenges they have faced in accessing the U.S. market. The participants acknowledged the value in continued engagement that seeks to address the current challenges PICs face in exporting to the U.S. and attracting U.S. investment.
Based on the dialogue during the workshop it became apparent that there is a need for stronger collaboration between the U.S. and PICs to increase Pacific – U.S. trade. Some PIC companies have struggled to obtain market access approval for their products from U.S. regulators. Better dialogue between these businesses and U.S. regulators, and the need for technical assistance and capacity building to meet U.S. standards, could assist PIC businesses to have improved access to the U.S. market. In addition, the participants recognised the need for technical assistance to establish enabling trade policies, create incentives to promote innovation and support Micro, Small and Medium Sized Enterprises (MSMEs) in order to attract U.S. investment and increase trade. The workshop also discussed the importance of enhancing the marketing of PICs’ products and investment opportunities in the competitive U.S. market, through the establishment of a physical presence in the U.S., and through focusing on the sustainable and socially conscious aspects of their products.
Some products that have successfully entered the U.S. market were on display
Recognising the contribution of trade and investment to economic growth in the Pacific region, the U.S. Government reaffirmed its support for building the capacity of the Pacific Islands’ private sector to fully utilise U.S. market access opportunities. For example, U.S. support in partnership with the International Diaspora Engagement Alliance (IDEA) for the ongoing Fish 2.0 sustainable seafood business competition is providing Pacific Island entrepreneurs with access to mentors, business guidance and investor networking opportunities.
Other issues discussed during the regional workshop included fisheries, agricultural commodities trade, transportation and logistics, trade in services, access to trade finance and the nurturing and development of MSMEs. The link between trade and empowerment of women was also highlighted.
Panel members for the session: Empowering women through SME development
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