Palau, U.S. economic consultations completed June 22
Representatives from the United States of America and the Republic of Palau convened in Koror, Palau, June 21-22 for bilateral economic consultations, according to a U.S. State Department press release.
The consultations are required by the Agreement between the governments of the U.S. and Palau following the Compact of Free Association Section 432 Review, signed by the United States and Palau in 2010.
“The annual bilateral consultations provide a forum for what I consider the ABC’s of our economic relationship: Accountability, Beneficial cooperation, and Capital mobilization – all to be achieved under an umbrella allowing for deep understanding of our mutual status, opportunities, and challenges,” President Whipps said.
The bilateral economic consultations included briefings and a review of recommendations from the Palau Economic Advisory Group (EAG), chaired by Professor James G. Galbraith, regarding the country’s economic, financial, and management reforms, according to the press release from the Palau government.
The bilateral consultations are one of the requirements under the Compact Agreement to review Palau’s progress in achieving reforms to help Palau frame and execute a vision for successful and sustainable economic recovery, reconstruction, and development. This was the first bilateral economic consultation between the two countries.
In addition to consultations on matters as required in the 2010 CRA, as amended, during these meetings Palau expressed an interest in joining the Blue Dot Network for infrastructure certification.
Palau is the site of one of the Blue Dot Network’s pilot projects, a sub-sea internet cable to securely connect and expand the country’s telecommunications to the rest of the world. mbj
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