Pacific Regional Economic Integration Programme (PACREIP) received a boost of over F$4m (...€2 million) from the European Union (EU) yesterday.

A signing ceremony, committing the ...€2m in additional funding to assist Pacific ACP States with their preparations for Economic Partnership Agreement (EPA) negotiations with the EU, took place between the EU Head of Delegation, Dr Roberto Ridolfi and the Secretary General of the Pacific Islands Forum Secretariat, Mr Greg Urwin, at the Forum Secretariat in Suva yesterday.

The Forum Secretariat acts as Regional Authorising Officer (RAO) for disbursement of a portion of the EU...’s regional funds.

The additional funds will assist mainly in terms of expertise building and training.

The funds are being administered via the ...€9.2m EU-funded PACREIP, based at the Forum Secretariat.

...“The overall objective of PACREIP, and the key reason it is of vital importance to our region, is to foster sustainable development of Pacific ACP States as an economically integrated region,...” said Mr Urwin.

...“The Programme seeks to increase the Gross Domestic Product and the economic growth of our national economies, by enhancing their capacity and supporting regional economic integration....”

Mr Urwin added that importantly, PACREIP engages in preparations for, and conduct of, negotiations for the proposed EPA, with the EU.

"These negotiations have entered a critical phase as they move towards the December 2007 deadline. The Pacific Islands Forum Secretariat has committed itself to providing the strongest possible support to PACP States in their EPA negotiations."”

"“The EC strongly believes that an EPA is of strategic importance to the Pacific as a region, for its development and the long-term future of our relationship,...” said Dr Ridolfi.

"“We are fully committed to staying on course and completing the job in time with you because preferences are permanently eroding and a transparent, rule-based agreement will help adjust in sectors such as sugar and attract investment for economic growth and development. This additional financial contribution demonstrates our commitment to that process."”

PACREIP seeks to build and strengthen capacity of the Pacific ACPS to enable them to effectively implement the Pacific Island Countries Trade Agreement (PICTS), successfully conduct EPA Negotiations with the EU, effectively support PACPS participation in the World Trade Organisation, and engage in regional economic integration in private sector development, trade facilitation, financial sector and fiscal reforms and regional tourism development.

The PACREIP project began operations in the second half of 2004 and is scheduled to continue until 2009.

PACREIP is the largest programme within the 9th European Development Fund Pacific Regional Indicative Programme. Pacific Islands Forum Secretariat, 23/03/07.