The Pacific has signed a new Economic Assistance Agreement with the Government of the United States of America, securing funding of US$60 million per year for the next ten years.
FFA Director General Dr Manu Tupou-Roosen signed the agreement in Majuro, Marshall Islands in the margins of the Forum Fisheries Ministerial meeting, which ended last week.
‘The historic increase in the US’ assistance under the Economic Assistance Agreement will significantly benefit all FFA Members,’ Manu Tupou-Roosen said on signing the agreement.
‘I warmly congratulate members for this milestone achievement and acknowledge in particular the leadership of Fisheries Ministers in the negotiations.’
The Economic Assistance Agreement promotes economic development in the Pacific region. Under the agreement, FFA maintains an economic development fund from which payments are made to the Pacific Island States party to the Treaty on Fisheries between the Government of certain Pacific Island States and the Government of the United States of America (US Tuna Fisheries Treaty).
In 2022, Fisheries Ministers led negotiations with the United States to successfully increase the funding under the Economic Assistance Agreement from US$21 million to US$60 million per year for the next ten years (a total amount of US$600 million from 2023-2033).
The official announcement by the United States was made by Vice President Kamala Harris to Pacific Forum Leaders on 12 July 2022.
‘I am also pleased to announce that we plan to triple U.S. funding for economic development and ocean resilience for the Pacific Islands. These funds will help strengthen climate resilience; invest in marine planning and conservation; and combat illegal, unreported, and unregulated fishing; and enhance maritime security,’ Vice-President Harris said.
