Pacific states study pact

Pacific states study pact

WELLINGTON (Dow Jones): A proposed regional trade and economic cooperation agreement will be considered by leaders of the Pacific Islands Forum group of nations meeting in Nauru next week, New Zealand Foreign Minister Phil Goff said Thursday.

Trade Ministers from the 16-member Pacific Islands Forum endorsed the Pacific Agreement on Closer Economic Relations, or PACER, at their meeting in Apia, Western Samoa in late June and recommended the PACER to Forum leaders for final approval and signature, Goff said in a statement.

"The PACER is not a free trade agreement as such, but it does provide for the future economic cooperation of the Forum region as a whole. It envisages this taking place in stages," he said.

If approved by Forum leaders in Nauru, the agreement will be open for signature by all Forum members and will take effect once it has been ratified by seven members, Goff said.

As an initial step under the PACER, the Forum Island countries have negotiated a trade agreement in goods amongst themselves, known as the Pacific Island Countries Trade Agreement, Goff said.