An Established Regional Trading Partner
Fiji’s economy, one of the Pacific’s most forward and developed, has recovered since 2009 and grown over two percent per year. Despite the natural disasters faced in recent years, as well as the global economic downturn, Fiji’s economy has been surprisingly resilient. The Government of Fiji reported that the growth was driven by a recovery in the tourism industry as well as by improved performance in mining, the harvesting and processing of mahogany, and fresh fish exports.
Forward-thinking Fiji offers new opportunities in the growing high tech and telecommunications sectors where the government is offering a variety of incentives. The IT services industry, such as call centers are particularly appealing.
Fiji's two largest exports are sugar and garments while export crops include coconuts, pawpaw and ginger. Fiji has extensive mahogany timber reserves, which are only now being exploited. Fishing is an important export and local food source. Gold and silver are also exported. The most important manufacturing activities are the processing of sugar and fish. Since 2000, the export of still mineral water, under the Fiji Water brand, mainly to the United States, has expanded rapidly. By December 2005, it amounted to more than $68 million per year. Another growing export is furniture made of palm wood.
Fiji's main export partners include Australia, the United Kingdom, the United States, Japan and New Zealand. The country's main import partners are Singapore, Australia, New Zealand and United States. Major imports include manufactured goods, machinery and transport equipment, petroleum products, food and chemicals.
Fiji is a signatory to various bilateral, regional and multilateral trade agreements. On the regional front, Fiji is a member of the Pacific Agreement on Closer Economic Relations (PACER) and the Pacific Island Countries Trade Agreement (PICTA) as well as the Melanesian Spearhead Group (MSG) Trade Agreement and the South Pacific Regional Trade & Economic Cooperation Agreement (SPARTECA); the latter providing preferential access to Australia and New Zealand.
Since its accession to the World Trade Organisation (WTO) in 1996, the Fiji Government has an export oriented and outward looking trade policy. The Generalised System of Preferences (GSP) Agreement provides access to the US, Canadian and Japanese markets while Fiji is also a signatory to the United States/Pacific Island Nations Joint Commercial Commission (JCC) which promotes commercial relations between the United States and the independent Pacific island nations.
Fiji and other African countries are members of the African, Caribbean, Pacific (ACP) Group of States and signatories to the Cotonou Agreement, which provides preferential access to the European markets. While there has yet to be a formal bilateral agreement to be signed between Fiji and Ethiopia, obviously, there is great potential for growth and this will be explored once the Memorandum of Understanding on General Cooperation is finalised. Sectors that are of interest are Agriculture, Arts & Culture, Education, Health, Sports, and Peacekeeping/Security, amongst other things.
• Sisalo Otealagi - +251 966932597
• +251 115577 305 - 308