RELEASE: Forum Economic Ministers reiterate support for regional economic integration and cooperation

28th March 2025
 

Nuku'alofa, Tonga – Forum Economic Ministers and Officials met in Nuku'alofa, Tonga this week for the Special Pacific Islands Forum Economic Ministers Meeting (FEMM).

In his first meeting as the Chair of the Pacific Islands Forum and the FEMM, Prime Minister Hon. Dr. ‘Aisake Eke welcomed ministers and officials to the Friendly Islands and emphasised the need for enhanced regional economic integration and cooperation at a time of unprecedented challenges to the global economy.

“The uncertainty in the global economic outlook has accelerated and our region faces heightened challenges that could destabilise our Blue Pacific Continent. That is why these three regional initiatives set down for discussion today are so important to building transformative economic resilience in the Pacific.”

Economic Ministers considered and unanimously endorsed three key regional initiatives: the Pacific Roadmap for Economic Development (PRED), the Climate Finance Access and Mobilisation Strategy (CFAMS), and the establishment Treaty for the Pacific Resilience Facility (PRF).

The PRED is a policy framework that will guide the implementation of the Resource and Economic Development thematic area of the 2050 Strategy for the Blue Pacific Continent.  It brings policy coherence required for regional economic integration and cooperation to reshape the focus and approaches to addressing the economic development needs of the region.

The CFAMS is the Blue Pacific region’s response to closing the gap between the resourcing needs of the Pacific to deal with the impacts of climate change against the level of financing currently being received.

The PRF Treaty cements the legal basis of the PRF, the Pacific-owned and Pacific-led regional resilience financing facility for Pacific communities. At their meeting in August 2024, Economic Ministers endorsed the declaration to establish the PRF.At their meeting in Tonga in August 2024, Pacific Islands Forum Leaders directed the convening of a Special Forum Economic Ministers Meeting to finalise the PRF legal establishment and transitional arrangements in consultation with Members, as well as endorsed the Kingdom of Tonga as the country of domicile for the Pacific Resilience Facility.
The PRF Treaty will be presented to Forum Leaders at their meeting in September 2025 in the Solomon Islands for signature, and thereafter, to deposit their instruments of ratification by the end of 2025.

The Pacific Islands Forum’s Secretary General, Baron Divavesi Waqa echoed the Forum Chair’s call for deeper and more meaningful regional economic integration and cooperation.

“In these challenging times, solidarity and cooperation among our Member States are more important than ever. The strength of the Forum lies in our unity; by cooperating and working together, we can navigate the complexities of the current geopolitical situation and uncertainties in the global economy.”

The unanimous endorsement of the PRED, CFAMS and the PRF Treaty points to the region’s collective commitment to regional economic integration and cooperation, climate resilience, and financial accessibility.

The outcomes of this meeting will guide further discussions at the 2025 FEMM to be held in Samoa, as well as the Forum Leaders Meeting in the Solomon Islands later this year.

The Outcomes for this Special FEMM will be published on the Pacific Islands Forum Secretariat’s website.

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