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Pacific trade deal details released

NZ Newswire logoNZ Newswire 31/05/2017

Details of the 14 nation PACER plus Pacific Island trade agreement have been released eight years after negotiations first began.

The final text, which was agreed by all nations last month, has now been opened for public engagement before it will be signed, ratified and come into force.

Trade Minister Todd McClay said the public release would highlight the importance of the deal for New Zealand and the Pacific.

Australia and New Zealand are the two largest countries in the deal which includes a dozen other Pacific Island nations, including Tonga where the final agreement is expected to be signed next month.

"[The text] shows how New Zealand has secured lower tariffs on the vast majority of our traditional trade interests and how our exporters will save an estimated $20 million a year on tariffs once the agreement is fully in force," Mr McClay said.

The deal also includes a $55 million development package to raise standards of living, create employment opportunities and increase export capacity.

The other participating nations are Cook Islands, Federated States of Micronesia, Nauru, Kiribati, Niue, Palau, Republic of Marshall Islands, Samoa, Solomon Islands and Vanuatu.

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