Oti Says Integrated Framework Crucial To Harmonize Trade Between Si And Donor Partners

Minister of Foreign Affairs, External Trade and Immigration Patterson Oti says the Integrated Framework (IF) established by the World Trade Organisation (WTO) to enhance trade capacity building for least developed countries (LDCs) is crucial in harmonizing trade between LDCs’ and donor partners.

Mr Oti said currently trade between the two blocks created some inconsistencies which points to a need for some form of harmonization.

He said the most obvious benefit of the IF process is the integration of the donors’ effort in delivering trade and trade-related assistance.

“Currently trade has stayed in the background of donors’ priority or at least lack transparency, if not overshadowed by education, health and other sector-specific assistance.

“The IF process therefore aims to bring trade and trade-related activities into the center of our sustainable development strategy – hence the need to enhance and facilitate the coordination of donors input into this process,” he said.

The Minister said a comprehensive action plan in the IF process starting with a Diagnostic Trade Integration Study (DTIS) will allow donors to see which stage of the process they are actually assisting as well as the overall objectives of it.

“This will minimize donors’ worries that the benefit of their assistance will only be for a short term and fragmented and hence non-sustainable in the longer term.

“The IF process should also show the government seriousness and commitment to address trade and trade-related issues in the main development agenda which strengthens the participation of all key stakeholders in the economy,” he said.

Mr Oti further stressed that trade will benefit people by providing producers with greater and stronger market for products and providing consumers with cheaper and better quality and more diversified imported products.

He said better integration into the international market will also attract Foreign Direct Investment that enables the country to acquire new technology and know-how.

“Cheaper imports could be used as inputs in the domestic production and thus making the economy more competitive, increase productivity, reduce unemployment and consequently result in higher standard of living for the people of Solomon Islands,” he said.

Oti said increase revenue from trade will also provide the government with more funds to finance public facilities and infrastructure.

“It is believed that trade could serve as a sustainable growth and poverty alleviation strategy for a country like Solomon Islands.

“Integrating trade and trade-related policy into the overall national development strategy will ensure that trade activities in the country will grow in the direction that is parallel with the country’s development activities,” Oti said.

ENDS