Minister of Foreign Affairs and External Trade, Hon. Peter Shanel Agovaka and members of the National Trade Development Council (NTDC) after their meeting last Friday.
National Trade Development Council (NTDC) holds 16th meeting in Honiara last week.
The newly appointed Minister of Foreign Affairs and External Trade, under the Government of National Unity and Transformation (GNUT), Hon. Peter Shanel Agovaka chaired the 16th meeting of the National Trade Development Council (NTDC) last Friday (16th August 2024), marking his first official address to the Council since taking office.
In his opening remarks, Minister Agovaka expressed his gratitude to the distinguished members of the NTDC for their presence and emphasized the significance of the Council’s role in the nation’s trade and economic development. He acknowledged the evolving global landscape, noting that it presents both challenges and opportunities for the Solomon Islands.
“As we see a more globalized world emerge, this presents challenges and opportunities for Solomon Islands. Our Government Policy prioritizes tackling these challenges and harnessing human development, enhancing productive capacity, and trade to achieve our development aims,” the Minister stated.
Minister Agovaka giving his remarks during the meeting last Friday.
The Minister highlighted the necessity of collaboration among government, private sector, and civil society to facilitate trade effectively. He stressed that trade is a cross-sectoral issue, requiring the collective efforts of all agencies represented in the NTDC to drive the nation’s integration into the global trading system.
“Being a member of the esteemed NTDC comes with heavy responsibilities; I ask that you embrace these responsibilities, effectively engage with one another in setting us on a path towards diversification of our economic base and subsequent industrialization of our economy,” he urged.
Minister Agovaka also echoed the words of the Prime Minister from a recent Economic Summit, asserting, “We want trade, not aid.” He encouraged the Council to focus on stimulating economic growth through increased exports, income generation, and job creation, aiming to achieve economies of scale, lower production costs, and higher productivity.
During his address, Minister Agovaka reaffirmed GNUT’s commitment to strengthening international trading partnerships, promoting investment cooperation, and exploring free trade policy discussions with international partners.
Participants of the NTDC meeting last week.
He emphasized that these initiatives are vital for the nation’s economic growth and align with the four foundational pillars of GNUT’s policy statement.
“These goals are achievable, and it starts with the trade-related roles in the agencies that each of you members represent in this Council,” the Minister remarked, pledging to ensure that the work in this space is supported with the necessary resources.
The meeting’s agenda was described as “full and exciting,” with presentations from the Economic Reform Unit under the Ministry of Finance and Treasury, Solomon Islands Tertiary Education and Skills Authority (SITESA), and the Ministry of Foreign Affairs and External Trade.In conclusion, the Minister extended his gratitude to the Department of External Trade for their role as the Secretariat for the NTDC and wished the members well in their deliberations.
The 16th NTDC meeting is expected to progress the nation’s trade strategies and initiatives in the coming months, focusing on strengthening Solomon Islands’ position in the global trading system.
The National Trade Development Council (NTDC) was established to oversee the overall trade development processes, including trade policy formulation, trade mainstreaming into national development plans and ensure effective coordination and buy-in among various Government institutions, the private sector, civil society and other stakeholders, in Solomon Islands.
The NTDC setup by Cabinet in November 2012 is chaired by the Minister for Foreign Affairs and External Trade. The Vice Chair representing the Public Sector is held by the Ministry of Commerce, Industries, Labour and Immigration (MCILI) and the Co-Vice Chair of the Council represented by private sector is held by the Solomon Islands Chamber of Commerce and Industry (SICCI).
—MFAET PRESS RELEASE