Fiji: 1st Pacific island nation ready to implement FTA
Thursday October 13, 2005
Asia Pulse
Fiji 1st Pacific Island Nation Ready To Implement Fta
SUVA, Oct 13 Asia Pulse - Fiji has announced it is ready to implement a regional free trade agreement, the Pacific Islands Countries Trade Agreement (PICTA), as soon as practicable.
Acting foreign affairs minister, Pita Nacuva told cabinet this week that all domestic requirements had been completed and "Fiji stands as the first country to trade under the PICTA."
Fiji signed the PICTA in 2001 and in May 2005, confirmed and conveyed authorised signatures to implement the PICTA.
"All PICTA parties have been notified that Fiji does not have any list of excepted product."
"This means that Fiji was ready to openly trade at minimum with no duty.
"At this stage, the 10 Pacific Island Countries, including Fiji, which have ratified PICTA, will implement phased tariff reductions to zero over a period of 8-10 years.
"PICTA benefits are likely to be modest at the outset, but should increase once Pacific Islands are able to make the necessary adjustments to their economies," Mr Nacuva said.
Cabinet noted that Fiji’s well-developed infrastructure and strategic location in the region guarantee early benefits from the inclusion of services such as aviation, shipping, health, and telecommunications in PICTA.
"The implementation of PICTA is expected to result in increased trade, more employment and the creation of a stronger regional economic platform from which Pacific ACP countries can negotiate new international trade agreements."
Cabinet was also informed that alcohol and tobacco would be excluded from PICTA.
"This will allow time for the government to put in place control mechanisms to regulate the use of the two products, particularly their health implications on Fiji’s population, including other socioeconomic aspects of their consumption".
Mr Nacuva told cabinet that Fiji’s leadership role in the PICTA family would help to influence other Pacific ACP Countries to increase their engagement with the multilateral trade negotiation process in the WTO and the global trade regime in general.
(Pacnews)
