KOLONIA, Pohnpei, August 7, 2024 – The 11th National Trade Facilitation Committee (NTFC) meeting was held on August 7, 2024, at Cliff Rainbow Hotel in Kolonia, Pohnpei. The Meeting was presided over by the Honorable Aren B. Palik, Vice-President and Chair of the NTFC, and attended by the four Chairman of each of the respective State Trade Facilitation Committees (STFCs) of Kosrae, Pohnpei, Chuuk, and Yap. Other participants include senators, cabinet members, and technical staff from both National and State governments.
The objective of the meeting was to endorse the 2024 FSM Trade Policy Implementation Plan.
In June 2023, the FSM Department of Resources and Development undertook a review of the 2011 FSM Trade Policy and presented its finds and recommendations to the 10th NTFC Meeting held January 2024. Following the endorsement recommendations, the department was tasked to develop the Implementation Plan. A series of States and National consultations were conducted over the following three months, between March and May 2024, to discuss the recommendations from the Review, identify and prioritize actions to be implemented over a period of 10 years with a 3 year review phase. The Implementation Plan was completed in June 2024 with monitoring and evaluation (M&E) framework to track progress.
In the development of the Implementation Plan, outcomes and inputs from the consultations were consolidated, mapped, rationalized and sequenced, in line with the FSM Strategic Development Plan (SDP), State Development Plans and the FSM Infrastructure Development Plan, as well as other relevant sectoral plans.
In his remarks, T.H. Vice President Aren B. Palik acknowledged that while there has been exceptional progress made in service sectors essential for enhancing FSM’s business competitiveness, there is still more to do in other sectors to create an enabling environment for private sector development to address the recurrent trade deficit and emerging issues likely to impact FSM’s trade and economic performance.
The Meeting noted the implementation arrangement and the importance of National-State coordination and capacity building to ensure sustainability. The Meeting further noted recommendations on the strategy to mobilize resources.
The Meeting concluded with a signing ceremony signifying the endorsement of the 2024 Trade Policy Implementation Plan which will be presented at the 2024 State and National Leadership Conference (SNLC) taking place next week.
###
