Cook Islands Chamber of Commerce signed a Memorandum of Understanding with the Australia Pacific Islands Business Council in a combined effort to “support and promote inclusive economic development and employment growth in the Cook Islands”.

The Memorandum of Understanding (MOU) was signed by both parties on Thursday, potentially opening up a number of mutually beneficial relationships between Cook Islands businesses and their Australian counterparts, Cook Islands Chamber of Commerce chairman Fletcher Melvin said.

It would also promote economic development through an exchange of ideas, expertise, information and resources, he added.

“I look forward to seeing what the future brings as the Chamber and Business Council work together to establish new pathways to business growth in the Cook Islands,” Melvin said in a statement.

“I am very pleased to be a party to this MOU on behalf of the Chamber and the wider Cook Islands business community in general.”

Ian Clarke, president of the Australia Pacific Islands Business Council described the MOU as “a milestone in business relations between Australia and the Cook Islands”.

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“As the largest economy in the south-western Pacific, Australia has much to contribute to the post-Covid-19 economic recovery of Pacific Islands countries, and the signing of this MOU positions the Australia Pacific Islands Business Council to assist Australian businesses in connecting with businesses in the Cook Islands through its enhanced relationship with the Cook Islands Chamber of Commerce,” Clarke said.

“The coming-into-effect of the Pacific Agreement on Closer Economic Relations (PACER) to which both Australia and Cook Islands are parties has the potential to create new synergies and opportunities for business growth.

“In 2020 the council committed to a Blue and Green Pacific policy and to support closer Australian business relations with the Pacific, including through sustainable resilient infrastructure development and related capacity building in local businesses, as well as in other ways.”