15 Jan 2019

New Caledonia increases protectionism

3:07 pm on 15 January 2019

New Caledonia has tightened commercial rules to protect local manufacturers and businesses.

New Caledonia Congress

Photo: RNZ Pacific/ Walter Zweifel

Thirty-five of the 54 members of Congress voted for the law, with those opposed saying it curbs freedom of choice.

The government said the law will enhance economic autonomy, create more jobs and increase purchasing power for consumers.

The law applies to eight sectors of the economy and covers more than 100 products.

It now bans the importation of sweetened yogurt.

The territory already had import quotas, import bans or tariffs to protect local business.