Pacific Island Countries Trade Agreement

The Pacific island countries trade agreement is a recently signed deal between 14 Pacific island nations. This agreement aims to boost trade and economic cooperation among these countries.

The Pacific island countries trade agreement, also known as PACER Plus, was signed on June 14, 2017, in Nuku`alofa, Tonga. This agreement includes 14 Pacific island countries: Australia, Cook Islands, Federated States of Micronesia, Kiribati, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, and Tuvalu.

PACER Plus aims to strengthen the economies of Pacific island countries by increasing trade, investment, and economic cooperation. Under this agreement, the participating countries have agreed to reduce tariffs on goods and services traded among them.

One of the key objectives of PACER Plus is to reduce barriers to trade and investment. Participating countries have agreed to liberalize trade by reducing tariffs and non-tariff barriers on goods and services traded among them. This will encourage greater trade between countries and boost economic growth in the region.

In addition to reducing trade barriers, PACER Plus includes provisions to promote sustainable economic development in the Pacific. This includes measures to enhance transparency, increase access to information, and support small and medium-sized enterprises.

Another important aspect of PACER Plus is its focus on capacity building. The agreement includes provisions to support the development of human capital in the Pacific, such as training programs and technical assistance.

The signing of the PACER Plus agreement is a significant milestone for the Pacific island countries. This agreement marks a new era of economic cooperation and integration in the region, which will support sustainable economic growth and development.

In conclusion, the Pacific island countries trade agreement, or PACER Plus, is a significant step towards greater economic cooperation in the Pacific. This agreement aims to boost trade, investment, and economic growth in the region by reducing trade barriers, promoting sustainable development, and supporting capacity building. The signing of this agreement represents a major milestone for Pacific island countries, and demonstrates their commitment to working together towards a prosperous future.