Pacific trade and development agreement concluded

Australia hassuccessfully concluded negotiations with New Zealand and 12 PacificIsland countries in Brisbane today to implement PACER Plus- the Pacific Agreement on Closer Economic Relations Plus. This agreementwill drive economic growth and raise living standards in our region.

PACER Plus isunique in that it is both a trade and a development agreement. It has thepotential to reshape the economic fundamentals of the Pacific region bycreating new opportunities for trade and investment inour neighbourhood.

Closer economicintegration of the region with larger economies such as Australia and NewZealand is essential for sustainable economic growth in the Pacific. Inline with Australia's Aid for Trade Strategy, Australia will support theimplementation of the PACER Plus Agreement and continue to work to increasePacific-wide trade, tourism and investment.

PACER Plus is a landmarkagreement covering goods, services and investment. It will remove barriersto trade, including tariffs, increasing the flow of goods and investmentin the region, generating growth, jobs and raising living standards.

No country has achievedhigh and lasting growth without participating in international trade.

Australia, New Zealandand Pacific Island countries have a close and important relationship. As partof the Turnbull Government's ambitious trade agenda, PACER Plus willprovide an important avenue to achieve Australia's objective tofoster a secure, stable and prosperous region.

The Agreement will besigned in Tonga in June.