Trade agreements Fiji: A Comprehensive Analysis
Fiji, an island country located in the South Pacific Ocean, is known for its beautiful scenery and warm climate. However, it is also an active player in the global trade arena and currently has several ongoing trade agreements with other countries and regions.
Trade agreements are essential for countries to promote their economies and increase trade activities. Fiji has signed agreements with several nations across the world to promote trade and investment. These agreements provide a framework for the exchange of goods and services, which is beneficial for both parties involved.
Let`s take a closer look at some of the trade agreements Fiji has signed and how they are benefiting the country.
Australia-Fiji Trade and Investment Agreement
The Australia-Fiji Trade and Investment Agreement (FTA) was signed in 2016 and came into effect in 2020. This agreement allows for the free movement of goods and services between Australia and Fiji. The FTA also provides provisions to enhance investment opportunities in Fiji and promote economic growth.
The benefits of this agreement are not limited to the two countries but also extend to small island developing states (SIDS) in the Pacific. This is because the agreement provides a path for other countries in the region to negotiate similar agreements with Australia, thus promoting economic development in the Pacific.
Pacific Agreement on Closer Economic Relations (PACER) Plus
PACER Plus is a regional agreement signed between Australia, New Zealand, and Pacific Island Countries, including Fiji. The objective of this agreement is to promote economic development in the Pacific by increasing trade and investment activities.
PACER Plus provides a framework for the exchange of goods and services, which is beneficial for Pacific Island Countries, including Fiji. The agreement also promotes investments in key sectors such as agriculture, fisheries, and tourism, which are critical for the economic development of the region.
Trade Agreement with China
Fiji also signed a trade agreement with China in 2018. The agreement provides for the elimination of tariffs on 97% of products traded between the two countries. This agreement is beneficial for Fiji since China is one of the largest trading partners in the world and has a significant market for Fiji`s products.
The trade agreement also provides provisions for the exchange of services and investments, thus promoting economic growth and development in both countries.
Conclusion
Trade agreements are essential for countries to promote economic development, increase trade activities, and create job opportunities. Fiji has signed several trade agreements with various countries and regions, promoting economic growth and development in the region.
The Australia-Fiji FTA, PACER Plus, and the trade agreement with China are some of the agreements that Fiji has signed, providing a framework for the exchange of goods and services, promoting investments in critical sectors, and promoting economic growth and development in the region.
As Fiji continues to enhance its trade activities, more opportunities will arise for the country to create jobs and promote sustainable economic growth and development.
