PACER Plus an investment in regional prosperity
Trade and prosperity in the Pacific will thrive following formal notification that Cook Islands is the eighth state to ratify the Pacific Agreement on Closer Economic Relations Plus (PACER Plus), triggering its formal entry into force in 60 days.
PACER Plus will deliver new and enhanced trade opportunities for Australia and our Pacific partners, with benefits to flow in farming, fisheries business and increased investment in the region.
Through PACER Plus we will work together in the interests of trade, investment and the prosperity of the Pacific. This historic agreement represents further evidence of the increasing depth of Australia's relationship with its Pacific family.
The Agreement will also support Pacific Island partners as they work to recover from the economic impact of COVID-19.
Australia will provide AUD19 million to support our Pacific partners as they work to implement PACER Plus, to ensure they can fully embrace the export benefits available to local businesses.
I commend regional leaders whose contributions enabled this agreement, including in particular, Trade Minister Simon Birmingham and Foreign Minister Marise Payne.
Australia looks forward to working with regional partners to take full advantage of the opportunities offered by PACER Plus in the interest of our region.
The Agreement will enter into force on 13 December 2020, 60 days after the ratification by Cook Islands on 14 October 2020. Australia, Cook Islands, Kiribati, Niue, Samoa, Solomon Islands, Tonga and New Zealand have now ratified. The remaining signatories yet to ratify are Nauru, Tuvalu and Vanuatu.
For more PACER Plus information, refer to: https://www.dfat.gov.au/PACER-Plus
- DFAT Media Liaison: (02) 6261 1555