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Tuesday, 28 November 2017

Fiji received $56m of EU reform aid

Fiji has received 23 million euros ($F56,973,543) from the European Commission out of the promised 44.4 million euros ($F109,983,710) to aid in the reform and long-term sustainability plans for the sugarcane industry. According to the Fiji Sugar Corporation's 2017 Annual Report, the 44.4m euros was to aid in Fiji's reform and restructure programs, allowing Fiji to become more sustainable and competitive in the international market. "The last major reform of the EU sugar sector in 2006, the advent of the Economic Partnership Agreements in 2008 and the denunciation of the ACP-EU Sugar Protocol represented some of the major challenges that Fiji, along with other ACP small and vulnerable communities, had to grapple with," the FSC said in its report. "On 1st October 2017, the EU will undergo further reform: quotas on beet sugar and isoglucose will be abolished, but external tariffs will remain unchanged. "As a consequence, Fiji along with many of the ACP sugar industries has embarked on major reform and restructuring programs to ensure continued and long term sustainability of this vital industry.

Source: Fiji Times