Pacific Islands Forum Ministers responsible for Trade and Economic Development meeting today in Christchurch, New Zealand, have concluded the legal text of the ‘Pacific Agreement on Closer Economic Relations (PACER) Plus’.
PACER Plus aims to create jobs, raise standards of living and encourage sustainable economic development in the Pacific region.
The Chair of the Special Forum Trade Ministers Meeting (FTMM), New Zealand Trade Minister Hon. Todd McClay, welcomed the progress made towards finalising a landmark trade and development agreement for the Pacific region.
“This agreement is of significant importance to the economic prosperity and sustainability of a region that faces a number of unique challenges participating in international trade.” Minister McClay said.
Ministers agreed Members would work towards finalising the PACER Plus market access negotiations with a view to completing them by end October 2016. The PACER Plus agreement is expected to be signed by end 2016.
The Hon Milner Tozaka, Solomon Islands Minister for Foreign Affairs and Trade, in his capacity as the Lead Spokesperson for Forum Island Countries expressed satisfaction with the progress being made to conclude PACER Plus negotiations.
“We are confident that the commitment, perseverance and good faith shown by Australia and New Zealand in these negotiations will lead to a PACER Plus agreement that represents a unique opportunity for Forum Island Countries to address the significant development challenges faced in the region, primarily through the enhancement of our export capacities to bolster economic growth.”