PACER Plus is a free trade agreement between members of the Pacific Islands Forum (the Forum Island Countries plus Australia and New Zealand). The agreement expands the existing Pacific Agreement on Closer Economic Relations (PACER) to include further trade liberalisation and development assistance. It entered into force on 13 December 2020.[1]

Negotiations on the agreement began in 2009,[1] and were completed in April 2017.[2] It was opened for signature in Nuku'alofa, Tonga, in June 2017 and was initially signed by eleven countries: Australia, Cook Islands, Kiribati, Nauru, New Zealand, Niue, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.[3]

The agreement needed to be ratified by eight signatories to come into force. New Zealand was the first to ratify it, in October 2018, followed by Australia in December 2018, Samoa in July 2019,[4] the Solomon Islands in June 2020,[5] and Niue in July 2020.[6] Kiribati and Tonga also ratified it.[7] The Cook Islands ratified on 13 October 2020, the eight country to do so.[8][9] The treaty entered into force two months after the eighth ratification.

The value of the agreement to the Pacific is disputed.[10][11] Fiji and Papua New Guinea, the two largest Pacific island economies, have refused to join, significantly undermining the value of the deal to the Pacific.[12][13] The removal of tariffs on imported Australian and New Zealand goods is expected to cause a significant loss of revenue to Pacific governments.[14] The Pacific Network on Globalisation has called the agreement "unbalanced" as key provisions on aid and labour mobility are non-binding.[15]

References

  1. 1 2 "Pacific Agreement on Closer Economic Relations (PACER) Plus". Australian Department of Foreign Affairs and Trade. Retrieved 2 November 2020.
  2. ↑ "PACER Plus about development as much as trade". RNZ. 21 April 2017. Retrieved 2 November 2020.
  3. ↑ "PACER Plus". New Zealand Ministry of Foreign Affairs and Trade. Retrieved 2018-09-18.
  4. ↑ "Samoa Ratifies Pacer Plus Trade Deal". Radio NZ International. 22 July 2019. Retrieved 4 July 2020.
  5. ↑ "Solomons ratifies Pacer Plus amid calls for re-think". RNZ. 23 June 2020. Retrieved 24 June 2020.
  6. ↑ "Niue ratifies regional PACER Plus trade agreement". RNZ. 3 July 2020. Retrieved 4 July 2020.
  7. ↑ "Pacific Agreement on Closer Economic Relations (PACER) Plus". Australian Department of Foreign Affairs and Trade. Retrieved 16 July 2020.
  8. ↑ Samantha Magick (15 October 2020). "Cook Islands ratifies PACER Plus". Islands Business. Retrieved 2 November 2020.
  9. ↑ Rashneel Kumar (19 October 2020). "Regional trade agreement brings new hope to growers". Cook Islands News. Retrieved 2 November 2020.
  10. ↑ "Few gains for Pacific in PACER deal - New Zealand MP". RNZ. 27 April 2017. Retrieved 2 November 2020.
  11. ↑ "Mixed reviews on Pacific Trade deal, Pacer Plus". New Zealand Herald. 20 September 2019. Retrieved 4 July 2020.
  12. ↑ "Pacific trade deal PACER-Plus is PACER-minus". Scoop. 29 November 2017. Retrieved 2 November 2020.
  13. ↑ Bruce Hill (18 May 2017). "Economist says PACER Plus without PNG and Fiji is worthless". ABC. Retrieved 2 November 2020.
  14. ↑ "Pacific trade deal signatories face heavy losses - report". RNZ. 25 October 2018. Retrieved 2 November 2020.
  15. ↑ "Watchdog warns of 'unbalanced' Pacer Plus deal". RNZ. 2 March 2020. Retrieved 4 July 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.