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Forum Economic Ministers Adopted Economic Growth Action Plan

PALIKIR, Pohnpei (FSM Information Service): July 23, 1997 - The Economic Ministers from Forum member countries have adopted an Action Plan on economic and institutional reforms aimed at promoting trade, investment and private sector development within the region, according to a July 11, 1997, Forum Economic Meeting release.

The meeting was held in Cairns, Australia, on July 11, 1997, chaired by Australian Treasurer, Honorable Peter Costello.

Ministers focus on how small, vulnerable economies can improve their public finances, take advantage of multi-lateral trade opportunities and effectively utilize private sectors inward investment. There was support for the continued development of competitive private sectors which are seen as central to ensuring sustained economic growth.

Ministers also agreed to encourage the adoption of a set of "best practice" principles for public accountability.

Ministers agreed to pursue a common goal of free and open trade and investment, allowing for the special circumstances of smaller states with few exports

Ministers also endorsed the preparation of a study of the options for implementing free trade among Forum countries. The study will be presented in 1998.

Ministers also considered ways of speeding up the implementation of open, liberal and transparent investment policies to create investor-friendly environments.

A report of the meeting will be forwarded to Forum Leaders who meet for their annual summit in September in the Cook Islands.

Attended the meeting were Heads of Governments from Nauru, His Excellency Kinza Glodumar and Cook Islands, Hon. Sir Geoffrey Henry;Deputy Heads of Government of New Zealand, Honorable Wilson Peters; Republic of Belau, Honorable Tommy Remengesau Jr.; Papua New Guinea, Chris Haiveta; Samoa, Honorable Tuilaepa Malielegaoi and Vanuatu, Honorable Barak Sope; and Economic Ministers from Australia, Honorable Peter Costello; Federated States of Micronesia, Honorable Sebastian Anefal; Fiji, Honorable Berenado Vuniobobo; Kiribati, Honorable Beniamina Tinga; Niue, Honorable Akuso Sasalu Pavihi; Republic of the Marshall Islands, Honorable Ruben R. Zackhras; Solomon Islands, Honorable Michael Maina; Tonga, Honorable Tutoatasi Fakafanua and Tuvalu, Honorable Dr. Alesana Kleis Seluka.

The Forum Economic Ministers agreed to meet again in Suva, Fiji in 1998, the release concluded.