Government of the Federated States of Micronesia

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.