BY LORETTA B MANELE
In a time of trade tensions creating uncertainty and changing trade dynamics across the world, the Pacific must support a multilateral rule based economic system.
Collin Beck, Permanent Secretary for the Ministry for Foreign Affairs and External Trade (MFAET) voiced the above whilst speaking at the opening of the 8th meeting of the Pacific Agreement on Closer Economic Relations (PACER) Plus Joint Committee, May 5-6 at Mendana Hotel yesterday.
In his remarks, he acknowledged the attendance of all participating countries.
Beck expressed that their presence is a testament to our shared commitment to strengthening regional integration, trade and advancing sustainable economic development across the Pacific.
“It is both an honour and privilege for Solomon Islands to host and chair this gathering at this critical juncture as we come near to the end of the first 5 years of implementation of the agreement.”
Beck went on to state that they are also at a time when trade tensions are creating uncertainty and changing trade dynamics, order and relations across the world.
“The Pacific has not been spared. This is a time when the region must stand up for multilateralism, support a multilateral rule based economic system.”
Beck stressed that they must advocate for dialogue over unilateralism, cooperation over confrontation and mutual respect over coercion and intimidation.
He highlighted that the PACER Plus Agreement envisioned as a pathway toward deepening economic integration across the Blue Pacific Continent by creating a predictable and rules- based trade environment and by unlocking targeted development assistance through the Development and Economic Cooperation (DEC) Work Programme.
Beck added that since the agreement came into force on Dec 2020, they have laid the foundation for economic cooperation.
He pointed out that they however must question themselves a bold question of whether or not they are realizing the full promise of PACER Plus and if not, what are the reasons for it.
Beck furthered that what they need to do is to connect the dots.
He also noted that the current five-year Implementing Arrangement and its DEC (Development and Economic Cooperation) Work Programme is scheduled to conclude in December 2025.
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