By Pacific Island Times News Staff
The United States and the Federated States of Micronesia have formally signed three new agreements related to the expiring economic provisions of the Compact of Free Association.
The signing of agreements on COFA amendment, new fiscal procedures and a new trust fund marked "the successful conclusion of negotiations with FSM regarding the extension of Compact- related economic assistance," reads a statement from the Department of State issued by the Office of the Spokesperson.
The agreements were signed by Charge d’Affaires Alissa Bibb of the U.S. Embassy in Pohnpei and FSM Chief Negotiator Leo Falcam Jr.
"These agreements mark a major milestone in U.S.-FSM relations, which is underpinned by the Compact of Free Association and continues to support freedom, security, and prosperity in the Indo-Pacific," the department said.
"The United States is a Pacific nation, and we have a deep and longstanding partnership with the FSM and strong people-to-people ties to Pacific Island countries that are not only our neighbors but also our friends."
The department said congressional approval is necessary before the agreements can be brought into force, and we are engaged with Congress on this matter. Additional negotiations are underway to continue federal programs and services that are currently provided under a Federal Programs and Services Agreement.