The 5th Trade Ministers Meeting of the Melanesian Spearhead Group (MSG) held in Port Vila, Vanuatu endorsed the conclusion of negotiations for the new Melanesian Free Trade Agreement.

The meeting was chaired by Solomon Islands Minister for Foreign Affairs and External Trade Milner Tozaka.

Mr Tozaka said: “The ultimate milestone to be achieved following the series of intense negotiations between MSG Members over the last three years is the establishment of the Melanesian Free Trade Area by 2017.”

He said the key enablers for the Free Trade Area would be the Melanesian Free Trade Agreement and the MSG Private Sector Development Strategy.

MSG Secretariat’s Director General, Amena Yauvoli, said the approval of the Private Sector Development Strategy will go a long way in supporting the revised Trade Agreement.

This, he said, was as intra-MSG or cross-border investment flows are stimulated and facilitated.

The Ministers endorsed the revisions made to MSG Trade Agreement which would now be extended from covering goods alone to also include trade in services, labour mobility and cross-border investments.

The Ministers also endorsed the MSG Private Sector Development Strategy which is aimed at achieving higher, inclusive and sustainable growth through the development of the private sector.

The hallmarks of the Strategy are the adoption of an inclusive approach to private sector development, unleashing rural entrepreneurship and heightening the resilience of the private sector to the impact of climate change.

Fiji was represented by Director of Trade, Seema Sharma.