Tariffs in the eight regional developing countries not LDCs are expected to fall to 25 years after 2017, when the agreement comes into force, with most tariff reductions occurring in the first ten years. The timetable for tariff reductions is slower for the three LDC signatories – Solomon Islands, Tuvalu and Kiribati – with the start of reductions from 2028, unless countries have achieved LDC status. Find out how the agreement strengthens ties between New Zealand and the Pacific region. The agreement stipulates that the “Year 1 LDCs” for tariff reductions will be the calendar year following the date of their LDC graduation. The Solomon Islands, for example, will be considered for a closing ceremony at the next three-year review of the UN Development Policy Committee in March 2018. If the Solomon Islands were recommended and such a recommendation was approved by the United Nations Economic and Social Council and the General Assembly, the country could be completed as early as 2021, even if later deadlines are possible. Tariff reductions could therefore begin in 2022. Most tariffs would be zero by 2032 and tariffs on all products would be abolished by 2047. It was signed in Nauru on 3 October 2002 and came into force on 3 October 2002.
It is a framework agreement that sets out a framework for the future development of trade and economic relations throughout the Forum region. The Peaceful Agreement on Closer Economic Relations (PACER) Plus is a pioneering agreement that links the Pacific through trade and development. It does not contain substantial provisions on trade liberalization; Rather, it provides for a gradual process of trade liberalization. This begins with a free trade agreement on goods between Pacific Island States (PICTA) which will be implemented from September 2008 and will likely be extended to services thereafter. Pacer provides programmes to assist members of island states, which facilitate exchanges and capacity building. It also provides for future forum-based reciprocal free trade negotiations (including Australia and New Zealand). For the time being, these negotiations are not scheduled for 2011, but they are likely to be preferred following the negotiations of the Pacific Island countries for an economic partnership agreement with the European Union. The Pacific Closer Economic Relations Agreement (PACER) is a framework agreement between members of the Forum Island Countries plus Australia and New Zealand that provides a framework for the future development of trade cooperation. The Peaceful Agreement on Closer Economic Relations (PACER Plus) was launched on 14 June 2017 in Tonga. The trade agreement, which covers goods, services, investments, work, sanitation and plant protection measures, aid and other issues, concludes eight years of negotiations between Australia, New Zealand and eight pacific island states. The three least developed signatories, Kiribati, Solomon Islands and Tuvalu, face a delayed tariff reduction schedule.
Vanuatu, the other least developed country in the region (LDC), was initially delayed, but then decided to join.
