14 countries launch new initiative for open, fair trade

Fourteen small- and medium-sized countries have issued a joint declaration to establish the Future of Investment and Trade (FIT) Partnership, a new international initiative committed to affirming open and fair trade, supporting inclusive growth, addressing contemporary and emerging trade issues, and enhancing FDI flows. 

The FIT Partnership is designed to be a principles-based grouping that will champion a forward-looking trade agenda, address emerging challenges and opportunities in trade and investment, and promote dialogue between public and private stakeholders.

For small- and medium-sized countries that rely on open and fair trade with the world, the principles of free trade are vital to our stability and prosperity. Globally, measures that restrict trade risk fragmenting the global economy, dampening global economic growth, and heightening inflationary and unemployment pressures. The FIT Partnership will champion open and fair trade so that all countries can benefit from increased economic security and job opportunities.

The founding members Brunei, Chile, Costa Rica, Iceland, Liechtenstein, Morocco, New Zealand, Norway, Panama, Rwanda, Singapore, Switzerland, the United Arab Emirates and Uruguay will work together to develop solutions-oriented initiatives to strengthen the rules-based trading system. The FIT Partnership will strive to amplify the collective influence of its members on the global stage.

The FIT Partnership seeks to be an agile platform in which members can collaborate on a range of trade topics, including the strengthening of supply chains, the removal of non-tariff trade barriers, the facilitation of investment and the adoption and integration of emerging technologies. These efforts remain rooted in collaboration, advancing shared goals through a non-binding and flexible approach.

The FIT Partnership will be distinguished by its focus on having real-world impact. As it grows, it will invite other countries interested in these objectives and willing to uphold its principles, ensuring that the initiative remains inclusive, agile and adaptable to a rapidly changing global landscape. – TradeArabia News Service

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