17 Nov 2005

Fiji foresees losses when trade deal comes into force

11:16 am on 17 November 2005

The Fiji government expects to lose significant amounts of revenue when the Pacific Islands Countries Trade Agreement (PICTA) comes into force next year.

The Fiji Times says this has been disclosed in parliament by the minister for foreign affairs and external trade, Kaliopate Tavola.

Mr Tavola said obligatory duty reductions as part of the new multi-lateral trade agreements, which also include the Melanesian Spearhead Group Trade Agreement, would mean Fiji would have to forgo revenue from duty imposed on imported goods.

Mr Tavola also said Fiji would seek amendments to the SPARTECA regional trade agreement with Australia and New Zealand to make it easier to export Fiji made garments and footwear to the two countries.