Tuvalu ratifies PICTA
PRESS STATEMENT (32/08)
28 April 2008
Tuvalu ratifies PICTA
Tuvalu is the eleventh Forum Island Country (FIC) to ratify the Pacific Island Countries Trade Agreement (PICTA).
PICTA is a Free Trade Agreement among the FICs, which aims to gradually reduce import duties on goods that originate from the member countries. Cook Islands, Fiji, Kiribati, Nauru, Niue, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu have ratified PICTA.
“Tuvalu is currently in the process of implementing reforms to give effect to PICTA, prior to announcing readiness for PICTA trade,” Tuvalu’s Minister for Finance, Economic Planning and Industries,” Hon. Lotoala Metia said.
PICTA came into force in 2003 and since then six members – Cook Islands, Niue, Fiji, Samoa, Solomon Islands and Vanuatu, have announced their readiness to trade under PICTA. Trading under PICTA preferences commenced in 2007.
“Comprehensive reforms and changes to the domestic processes arising from PICTA are important steps as Tuvalu engages in trade liberalization,” Minister Metia said.
Pacific Islands Forum Secretariat’s Acting Secretary General, Mr Peter Forau, congratulated Tuvalu on its ratification of PICTA.
“The Secretariat will continue to work closely with the Government of Tuvalu to further assist in the implementation of trade reforms,” Mr Forau said.
Earlier this month, the Parties have commenced the negotiation of a trade in services agreement to broaden PICTA. PICTA would become more meaningful to countries like Tuvalu as liberalization of trade in services, in addition to trade in goods, are made part of the Agreement.
ENDS.
For further information, please contact Mr Shiu Raj, Trade Policy Adviser (Pacific Island Countries' Trade Agreement) on phone 679 331 2600 or email shiur@forumsec.org.fj
28 April 2008
Tuvalu ratifies PICTA
Tuvalu is the eleventh Forum Island Country (FIC) to ratify the Pacific Island Countries Trade Agreement (PICTA).
PICTA is a Free Trade Agreement among the FICs, which aims to gradually reduce import duties on goods that originate from the member countries. Cook Islands, Fiji, Kiribati, Nauru, Niue, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu have ratified PICTA.
“Tuvalu is currently in the process of implementing reforms to give effect to PICTA, prior to announcing readiness for PICTA trade,” Tuvalu’s Minister for Finance, Economic Planning and Industries,” Hon. Lotoala Metia said.
PICTA came into force in 2003 and since then six members – Cook Islands, Niue, Fiji, Samoa, Solomon Islands and Vanuatu, have announced their readiness to trade under PICTA. Trading under PICTA preferences commenced in 2007.
“Comprehensive reforms and changes to the domestic processes arising from PICTA are important steps as Tuvalu engages in trade liberalization,” Minister Metia said.
Pacific Islands Forum Secretariat’s Acting Secretary General, Mr Peter Forau, congratulated Tuvalu on its ratification of PICTA.
“The Secretariat will continue to work closely with the Government of Tuvalu to further assist in the implementation of trade reforms,” Mr Forau said.
Earlier this month, the Parties have commenced the negotiation of a trade in services agreement to broaden PICTA. PICTA would become more meaningful to countries like Tuvalu as liberalization of trade in services, in addition to trade in goods, are made part of the Agreement.
ENDS.
For further information, please contact Mr Shiu Raj, Trade Policy Adviser (Pacific Island Countries' Trade Agreement) on phone 679 331 2600 or email shiur@forumsec.org.fj
