Trade between Fiji and MSG countries grows by 73%

The trade between Fiji and MSG countries have grown by 73 percent to $143.4 million dollars over the last five years.

This was highlighted by Prime Minister, Voreqe Bainimarama during the signing of the newest version of the Melanesian Spearhead Group Free Trade Agreement in Suva today.

Bainimarama says the annual total trade value between MSG countries grew by 114 percent to $169 million from 2010 to 2014.

He says this agreement will lay down solid economic foundation suited to address a number of emerging challenges and will allow MSG countries to build of the rapid growth and deep integration they have achieved.

Bainimarama says this new agreement will be the first time that Fiji is making commitments in services and investment under a regional trade agreement.

He says there are some crucial next steps that must be taken before they can fully integrate their economies and move together as efficiently as possible.

Meanwhile, the Prime Minister of Solomon Islands and the Chair of the MSG, Manasseh Sogavare says Fiji is a key player and an active member of the Melanesian free trade agreement.

Prime Minister, Voreqe Bainimarama signed the MSG Trade Agreement with the Prime Minister of Solomon Islands, Manasseh Sogavare.