PORT VILA, VANUATU - Senator Nick Sherry, Minister for Superannuation and Corporate Law, has met with Finance Ministers from the Pacific in talks dominated by the impact of the global financial crisis on the Pacific Islands region.
Minister Sherry led the Australian delegation to the Pacific Islands Forum Economic Ministers' Meeting (FEMM) which held its annual meeting in Vanuatu on October 27-29.
"The Finance Ministers of the Pacific raised several important concerns particularly on how the global financial crisis may impact their economies and public finances.
"I affirmed Australia's significant and ongoing commitment to development assistance, and deepening our trade ties with our Pacific Islands neighbours," Minister Sherry said.
The FEMM agenda addressed the issues of escalating fuel and food prices, the temporary movement of labour and the future of financial sector supervision in the Pacific.
Minister Sherry received briefings from the World Bank and the Asian Development Bank on the global financial crisis and the prospect for economic growth in the coming year.
Minister Sherry also held bilateral discussions with the Hon Snyder Rini MP, Solomon Islands Finance Minister, and the Hon Kieran Keke MP, Finance and Foreign Affairs Minister of Nauru in which forestry management and electricity reforms respectively were discussed.
"The Rudd Government has revitalised Australia's relationship with the Pacific over the last 12 months and this important forum is another example of how we're re-engaging across the region.
"At these meetings there was strong commitment to move forward with a reform agenda focused on capacity building and enhanced regional integration including through the PACER Plus process," Minister Sherry said.