South Pacific Regional Trade and Economic Cooperation Agreement

South Pacific Regional Trade and Economic Cooperation Agreement in relation with International Trade

In the context of trade organizations, Christopher Mark (1993) provided the following definition of South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA): A non-reciprocal preferential arrangement including Australia, Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, New Zealand, Niue, Papua New Guinea, Solomon Islands, Tonga, Tuvalu, Vanuatu, and Western Samoa, founded in 1981. Objectives include trade, investment, and industrial cooperation, aimed at redressing the unequal trade relationship of Australia and New Zealand with the small island economies in the Pacific region. Beneficiaries have been granted duty-free access to Australia and New Zealand for all products except sugar, textiles, clothing, footwear, steel, and passenger motor vehicles.