The European Parliament adopted by 528 votes to 89,
with 48 abstentions, a legislative resolution on the draft Council
decision to on the accession of Vanuatu the Interim Partnership
Agreement between the European Community, of the one part, and the
Pacific States, of the other part.
Parliament gave its consent to the accession of
Vanuatu to the Agreement.
The accession of Vanuatu to the interim EPA between
the EU, Fiji, Papua New Guinea, Samoa and Solomon Islands, which is
an asymmetric and WTO-compatible trade agreement, reinforces the
legal framework of the EU trade relations with Pacific partner
countries and facilitates reciprocal trade. It also incorporates
Vanuatu into the regime of joint rules and institutions established
by the interim EPA.
The interim EPA is a development-oriented trade
agreement that provides asymmetrical access to Vanuatu's market and
allows the country to protect sensitive sectors from
liberalisation, while also providing for a number of safeguards and
an infant industry protection clause. It also contains rules of
origin provisions that facilitate Vanuatu's exports to the
EU.
Following Vanuatus classification by the World
Bank as an upper middle-income country, the country will be removed
from the list of Everything But Arms (EBA) beneficiary countries
under the Generalised Scheme of Preferences (GSP), and will no
longer benefit from the tariff preferences (duty-free and
quota-free access to the EU market) provided under the special
arrangement EBA for the least-developed countries as of 1 January
2025.