The agreement stipulates that year 1 LDC for tariff reductions will be the calendar year following the date of its graduation from LDCs. Solomon Islands, for example, will be considered for graduation at the next triennial review of the UN Development Committee in March 2018. If Solomon Islands were recommended for closure and if such a recommendation was approved by the UN Economic and Social Council and the General Assembly, the country could be completed as early as 2021, although later dates are also possible. Tariff reductions could therefore begin in 2022. Most tariffs would be zero by 2032 and tariffs on all products would be eliminated by 2047. The Treaty establishing the Economic and Trading Community of Micronesia (MTEC) was negotiated between 2012 and 2014 and was recently adopted on 3 Signed and signed by the Presidents of the Federated States of Micronesia, the Republic of the Marshall Islands and the Republic of Palau on 27 September 2014. The long-term vision and objectives of MTEC are to strive to create a business and economic community of shared prosperity, to support the achievement of sustainable and equitable socio-economic development of Member States and to improve the standards and quality of life of their people. The South Pacific Agreement on Regional Trade and Economic Cooperation was signed in 1980 in Tarawa, Kiribati, and entered into force on 1 January 1981. It is a non-reciprocal trade agreement in which Australia and New Zealand offer duty-free access to certain products from Pacific island states. The South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA) is available here.
countries do not have to apply for the standard GSP; the EU establishes or abolishes it by means of a delegated regulation. The EU may withdraw the standard GSP in exceptional circumstances, in particular in the case of serious and systematic violations of fundamental human and labour rights conventions. For more information on the GSP, trade.ec.europa.eu/tradehelp/standard-gsp forum are parties to sub-regional trade agreements, of which the Melanesian Spearhead Group trade agreement between the four MSG countries (Fiji, Papua New Guinea, Solomon Islands, Vanuatu) and the Micronesian economic and trade cooperation between the Federated States of Micronesia, marshall Islands and Palau are the most important. . . .