The Cook Islands Trade Policy Framework (TPF), last reviewed in 2015, is undergoing a revision to reflect the country’s evolving economic priorities.

Yesterday, government officials, consultants, and stakeholders convened at the Trade Policy Framework 2024 National Validation Meeting, held at the New Hope Church, to refine the updated framework.

The revision aims to align with the Cook Islands’ vision for economic resilience, sustainable growth, and shared prosperity, as articulated by Deputy Prime Minister Albert Nicholas.

“This document represents a collective vision for the Cook Islands, a vision of economic resilience, sustainable growth, and shared prosperity,” said Nicholas, emphasizing the policy’s focus on diversification to build a resilient economy.

He added that the updated framework prioritizes trade in services, especially in sectors where the Cook Islands holds a competitive advantage, such as tourism, digital services, and cultural industries.

Gathering at the Cook Islands Trade Policy Framework (TPF) National Validation Meeting – 24111833, 24111834

Nicholas also highlighted the importance of addressing economic disparities across the nation.

“This policy prioritises development in the Pa Enua, aiming to create greater economic opportunities across outer islands. By supporting new and existing businesses, improving access to markets, and investing in infrastructure, we hope to foster inclusive growth that benefits all Cook Islanders.”

The revision process is being led by consultants Jeff Blackburn and Tracey Epps, supported by the Strengthening Pacific Intra-Regional and International Trade (SPIRIT) Project, funded by the European Union and managed by the Pacific Islands Forum Secretariat.

Blackburn explained that the updated framework builds on the foundation laid by the 2015 policy while addressing developments and challenges that have emerged over the past decade.

“What is important is that this is an improvement, and a development from TPF 2015, [considering] the frequent changes that have taken place since that time,” he said.

The meeting provided an opportunity for stakeholders to review a draft of the framework, which includes a five-year implementation plan to foster trade and support private sector growth.

“The purpose of this meeting today is to receive further comments over about what we've already received, to engender some discussion, and then to proceed from there to produce a final framework that will have your endorsement,” Blackburn added.

The framework reflects extensive consultations with government, private sector, and community stakeholders on Rarotonga and the Pa Enua.

It integrates perspectives from various sectors to ensure it meets the needs of all Cook Islanders.

This effort also aligns with key national strategies, including the Economic Development Strategy 2030 and the 2023 National Security Policy.

BTIB Chief Executive Officer Repeta Puna expressed enthusiasm for the partnership with the European Union through the SPIRIT Project, which has enabled the framework’s revision.

“So we’re moving from trade and goods toward trade and services and then having a look at the digital transformation and strengthening that moving forward,” she said.

“The framework involves a whole lot of other agencies who play their part in trade so it’s not just for BITB but for everyone’s businesses.”

The updated Trade Policy Framework is set to provide a roadmap for integrating the Cook Islands into the regional and global economy, with a focus on fostering a productive private sector and ensuring inclusive economic growth across the nation.