Industry Advice 28 Apr 2017
April 20 was a “landmark day” for trade and the sustainable economic development of the Pacific, with the conclusion of the eight-year PACER Plus negotiations at a special trade ministers’ meeting in Brisbane.
New Zealand Trade Minister Todd McClay says PACER PLUS is a unique trade and development agreement, which includes a development package of more than $55 million to help raise standards of living, create employment opportunities and increase export capacity in Pacific Island countries.
The agreement includes tariff phase out periods which recognise the vulnerable nature of many Pacific economies and the strong relationship they share with Australia and NZ.
PACER Plus will also create a common set of trading rules covering goods, services and investment in support of economic growth.
These rules will help reduce tariffs and red tape for exporters and investors, which will increase the attractiveness of the region for trade and investment, Minister McClay says.
The 14 countries participating in PACER Plus are New Zealand, Australia, Cook Islands, Federated States of Micronesia, Nauru, Kiribati, Niue, Palau, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.
An expedited procedure has been agreed for other Forum Island countries to join the Agreement, while a formal signing of the agreement is scheduled to take place in Tonga in June.
The Ministry of Foreign Affairs and Trade (MFAT) would like to update the business community on the implementation process for PACER Plus and what this landmark trade and development agreement means for the Pacific region.
A briefing session will be staged on May 8, introduced by Ambassador for Pacific Economic Development Matua Shane Jones.
New Zealand’s Chief Negotiator for PACER Plus Tessa Te Mata will provide an update on the recent conclusion PACER Plus negotiations followed by a Q&A session with the audience.
PACER Plus Briefing
Venue: Sangrahan Room, Level 6, 139 Quay St
Time and Date: 9.00-10.00am, Monday 8 May.
RSVP to firstname.lastname@example.org