Pacific Island Countries: In Search of a Trade Strategy
August 21, 2014
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Summary
International trade is vital for economic prosperity in Pacific island countries, but their trade performance has been weak over the past decade with the exception of resource-rich countries. Small country size and remoteness from global economic centers may have contributed to this relatively poor performance. However, the emergence of Asia as a global economic center presents Pacific island countries with an unprecedented opportunity to develop trade with Asia, particularly in tourism for a number of PICs. Moreover, if a strong two-way linkage is established between tourism and agriculture, Pacific island countries stands a better chance to improve broad-based growth.
Subject: Comparative advantage, Economic sectors, Exports, Imports, International trade, Tourism, Trade balance
Keywords: agriculture, Asia and Pacific, Australia and New Zealand, Comparative advantage, destination PIC, differentiated product, export destination, Exports, Global, Imports, inclusive growth, North America, Pacific island countries, Pacific Islands, PIC agriculture, PIC economy, PIC export, PIC merchandise import, PIC policymaker, real GDP, tourism, tourism product, trade, Trade balance, trade diversion, trade growth, trade pattern, trade performance, WP
Pages:
32
Volume:
2014
DOI:
Issue:
158
Series:
Working Paper No. 2014/158
Stock No:
WPIEA2014158
ISBN:
9781498324342
ISSN:
1018-5941
