DEEPER integration of small economies in the Pacific is not just important – it is urgent, said World Bank managing director of Operations Anna Bjerde.
This is to help us manage trade uncertainty that has becomes the new normal with the US Government’s new tariff regime under President Donald Trump remaining largely unresolved and tensions flaring in the world’s major conflict hotspots.
“In today’s environment of growing uncertainty, smaller economies, such as those in the Pacific, are particularly vulnerable,” Ms Bjerde said in an interview with this newspaper.
“Unpredictability makes it even harder to compete, plan, and grow. That’s why deeper integration is not just important, it’s urgent.”
Ms Bjerde said economic and financial cooperation and integration will create scale beyond individual countries and will make the region more attractive to the private sector.
“For example, to maintain correspondent banking relations, the Pacific countries have to pool their financial transactions and increase scale; and to increase scale, countries will have to harmonise their regulatory frameworks for payment systems.
“Reducing trade costs is another issue that is crucial for Pacific countries so they can continue to trade with each other and the wider world to promote growth and job creation.
“The PIF’s Pacific Trade Facilitation Strategy shows the strong regional demand for reform, and the World Bank is partnering with Pacific countries to reduce the cost of trade.
“For small island states, scale matters. Regional approaches like these create platforms where every country, regardless of size, can benefit from harmonized systems, shared services, and greater connectivity to global markets.”
Ms Bjerde was in Fiji last week to attend the Pacific Islands Forum Economic Ministers Meeting (FEMM).
She also met with Deputy Prime Minister and Minister of Finance Prof Biman Prasad and senior officials of the Ministry.
“It’s been a real privilege to visit Fiji for the first time and to meet with Deputy Prime Minister and Minister of Finance Biman Prasad,” she said.
“Our conversation was insightful and grounded in Fiji’s clear vision for inclusive growth and regional cooperation.
“My main takeaway from this visit is a reminder of what our work in Fiji and across the Pacific is really about — listening closely, collaborating, and delivering results that improve the lives of the people in the region.”
Note: This article was first published on the print version of the Fiji Times dated July 26, 2025
