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Pacific Agreement on Closer Economic Relations Ustr

The Pacific Agreement on Closer Economic Relations (PACER) is an agreement between the United States Trade Representative (USTR) and 14 Pacific Island countries designed to enhance trade and investment among the participants. The agreement was first signed in 2001 and has undergone several revisions since then.

The PACER agreement aims to provide a framework for liberalizing trade in goods and services between the parties, with the ultimate goal of promoting economic growth and development in the region. In addition to promoting trade, the agreement also seeks to promote cooperation and capacity building among the participating countries.

The USTR has played a key role in negotiating and implementing the PACER agreement, working closely with Pacific Island governments to ensure that the agreement reflects the needs and priorities of the region. The USTR also provides technical assistance and support to help Pacific Island countries comply with the provisions of the agreement.

One of the key features of the PACER agreement is the establishment of a free trade area between the United States and Pacific Island countries. Under this arrangement, participating countries agree to eliminate tariffs and other trade barriers on goods and services traded between them.

In addition to promoting trade in goods and services, the PACER agreement also includes provisions related to investment, intellectual property rights, and dispute resolution. These provisions aim to create a more favorable business environment for investors and entrepreneurs in the region, while also protecting the rights of intellectual property holders.

Overall, the PACER agreement represents an important step forward in promoting economic cooperation and growth in the Pacific region. With the support of the USTR, participating countries have made significant progress in liberalizing trade and promoting investment, opening up new opportunities for businesses and individuals in the region.