Trade Minister Todd McClay has welcomed the progress made towards finalising a landmark trade and development agreement for the Pacific region.

Senior representatives from 16 countries met today in Christchurch to negotiate the final terms of the ‘Pacific Agreement on Closer Economic Relations Plus’ (PACER Plus) agreement, which aims to create jobs, raise standards of living and encourage sustainable economic development in the Pacific region.

As Chair of the latest round of negotiations, Mr McClay says he is delighted with the progress that has been made towards finalising PACER Plus.

“This agreement is of significant importance to the economic prosperity and sustainability of a region that faces a number of unique challenges participating in international trade.

At the meeting New Zealand and Australia announced a joint funding package worth A$7.7 million to help Pacific Island countries benefit from the landmark trade and development deal.

The funding (NZ$4m and A$4m) package will be delivered after signature but prior to entry into force of the Agreement. It is designed to assist Pacific countries with their domestic ratification processes. It will include Customs, Revenue, and Legislative support.

At the meeting, the legal text of the agreement was agreed.

Ministers agreed to conclude remaining market access negotiations by the end of October and sign the Agreement by the end of this year.