Vanuatu has ratified the Pacific Islands Countries Trade Agreement, an initiative which seeks to create a free trade area involving a number of Pacific island nations.
Vanuatu's instrument of ratification was received by the Pacific Islands Forum Secretariat on 21 June, and will enter into force on 21 July 2005. It was welcomed by Forum Secretary General, Greg Urwin who noted: "This will help to deepen the integration of Forum Island Country economies as it evolves over the coming years."
Mr Urwin added:
"Although trade among our island economies is currently small at around three to four per cent of total Pacific Island trade, we expect that this will grow."
"The small level of trade also means the social impacts of integration will initially be small as we boost our expertise in trading with each other, and with the wider world."
The PICTA free trade area will initially begin with the current ten nation membership. This includes Cook Islands, Fiji, Kiribati, Nauru, Niue, Papua New Guinea, Samoa, Solomon Islands, Tonga and Vanuatu.
The Federated States of Micronesia (FSM), Palau, Republic of the Marshall Islands (RMI) and Tuvalu are yet to sign the agreement.
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