A number of Pacific countries have agreed in principle to sign an agreement on the bulk purchasing of fuel.
The countries are meeting at the 12th FEMM, or Forum Economic Ministers' Meeting, in Vanuatu
Vanuatu's Finance Minister, Sela Molisa, who is chairing the meeting, says some countries need to go through their domestic legislation and legal requirements, but it has been agreed to in principle.
"The MOU stipulates the mode of how the group of countries can get together. It sets out the framework for negotiations, for bull purchasing of fuel. We've come very far, especially at this time when prices of fuel have skyrocketed. It is a very good strategy to deal with fuel, which is so important for economies."
Vanuatu's Finance Minister, Sela Molisa.