Marshall Islands Signs the MOU to Establish Trade Facility

The Republic of the Marshall Islands (RMI) becomes the ninth country to sign the Memorandum of Understanding (MoU) to establish the Pacific Regional Trade and Development Facility (the Facility).

While signing the?MoU?on behalf of the Government of?RMI, the Honorable Wilbur?Heine, Minister in Assistance to the Office of the President, highlighted the importance of Aid for Trade for small island economies such as?RMI. ?This?MoU?is a positive step for?RMI?and the Pacific to join efforts in highlighting the importance of proper channeling of adequate aid to assist in the development of trade in the Pacific island countries,? Hon.?Heine?said.

The Deputy Secretary General of the Pacific Islands Forum Secretariat, Ms?Andie?Fong Toy, thanked the Government of?RMIfor its commitment to the?MoU?to establish the Facility. ?The Pacific Regional Trade and Development Facility has the potential to provide regional trade-related assistance in a timely and effective manner and to enhance the ability of Pacific Island Countries to actively participate in the international trading system.?

?I congratulate?RMI?for signing the?MoU. The Facility is expected to play a vital role in assisting development partners in coordinating their Aid for Trade resources for the Pacific region,? Ms Fong Toy added.

?The Pacific?ACP?region is currently in the final stages of the Economic Partnership Agreement (EPA) negotiations with the European Union (EU). Development Cooperation is an important part of the EPA. EU?s support and commitment is being sought to provide resources to the Pacific?ACP?States in the implementation of the EPA through the Facility,? Hon.?Heinesaid.

He further encouraged remaining Pacific?ACP?States to follow suit in signing the?MoU?in view of the importance of the Facility in securing Aid for Trade resources.

The?MOU?requires just one more country signature before it enters into force.