Joint Media releases
Trade Minister, Mark Vaile and the Treasurer, Peter Costello
Wednesday, 3 July 2002
Australia Ratifies the Pacific Agreement on Closer Economic Relations
(PACER)
Australia has edged closer to the goal of regional free trade in
ratifying an agreement for closer economic relations with island countries
in the Pacific, Treasurer Peter Costello and Trade Minister Mark Vaile
announced today.
Mr Costello presented the instrument of Australia’s ratification
of the Pacific Agreement on Closer Economic Relations (PACER) to the
Secretary-General of the Pacific Islands Forum, Noel Levi, today at
the Forum Economic Ministers Meeting in Port Vila, Vanuatu.
“Australia has unambiguously and enthusiastically supported this
agreement from the outset, as a full member of the Forum community
and a major economic partner of all its members,” Mr Vaile said.
“The PACER will advance the region significantly towards the goal
of regional free trade. It will increase economic opportunities and
competitiveness through more effective regional trade arrangements.”
Forum leaders in October 1999 instructed officials to negotiate a
free trade agreement between Forum island countries, with Australia
and New Zealand to be included in appropriate ways. The Agreement
was signed by most Forum members, including Australia, at the Pacific
Islands Forum leaders meeting in Nauru last year. Australia, New
Zealand, Fiji, Cook Islands, Samoa and Tonga have since ratified the
Agreement and only one more ratification is required for the PACER
to enter into force.
“I encourage all Forum countries to ratify the agreement as soon
as possible,” Mr Vaile said.
Mr Costello said the agreement represented a significant achievement
for all Forum members.
“It is the culmination of solid regional efforts over the past years
to strengthen the ability of Pacific island states to advance and
defend their economic and trade interests in a globalised economy,”
Mr Costello said.
“The strength of the agreement is that it recognises the particular
circumstances of individual island states and the need for an interim
adjustment period as appropriate, and gives the region enhanced credibility
in trade matters, notably in Forum island countries’ impending trade
negotiations with the EU.”
The PACER agreement is complemented by the Pacific Island Countries
Trade Agreement (PICTA), open to island states only, concluded in
parallel with the PACER.
Contact: Mark Croxford (Office of Minister for Trade) (02) 6277
7420 / Niki Savva (Office of the Treasurer) (02) 6277 7340
Local Date:
Tuesday, 16-Mar-2010 23:50:07 EST