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Pacific leaders aim to finalize trade deal in New Zealand amid concerns over fairness

Xinhua, August 24, 2016 Adjust font size:

Trade ministers and representatives from 16 Pacific nations will gather in New Zealand this week to negotiate the final terms of a controversial trade deal for the region.

New Zealand Trade Minister Todd McClay said Wednesday he would chair the talks on the Pacific Agreement on Closer Economic Relations Plus (PACER Plus).

"This agreement is of significant importance to the economic integration and prosperity of the region," McClay said in a statement.

The agreement aimed to open up opportunities for both New Zealand and Pacific Island countries to trade in a more consistent and transparent way.

"It recognizes the unique challenges that Pacific island countries face in participating in international trade, and includes a significant focus on development. They have small and isolated land masses with limited production capabilities and employment opportunities," he said.

"PACER Plus aims to help overcome some of these challenges by removing trade barriers; opening up opportunities for businesses to trade in more markets; and developing the capabilities needed to successfully participate in regional and global trade," said McClay.

"These initiatives will strengthen growth prospects by creating more jobs, improving living standards and encouraging sustainable economic development across the region as a whole."

Civil society groups have criticized the deal, saying Pacific people will most likely lose out in the deal, and citing concerns about the potential impact of encouraging more foreign investment and greater access for overseas companies. Endit