Least Developed Country Graduation implications for Vanuatu Consultation

The VCCI will hold a Consultation Meeting on Thursday 10 October 2019 at 2.30pm at VCCI Conference Room on the Least Developed Country Graduation implications for Vanuatu and the draft Vanuatu LDC Graduation Smooth Strategy to address the transition of Vanuatu becoming a Developing Country.

Vanuatu will leave the UN least developed country category in December 2020. The purpose of the meeting is to outline the LDC category, to explain the various international support measures associated with it, to summarize some of the implications for Vanuatu, and to solicit feedback from businesses.

In brief, the benefits of being an LDC include (1) duty-free, quota-free access to major markets such as the European Union; (2) pledges by donors to deliver a specific proportion of aid to LDCs; and (3) other measures such as free travel tickets to the UN General Assembly and reduced budgetary contributions to UN entities. After graduation from the category, and in some cases after a transition period, these benefits will be phased out.

Although the impacts on business are expected to be small, largely since current use of trade preferences is limited, it will be important to understand the implications accurately and to prepare accordingly. LDC graduation may even be used as an opportunity to celebrate Vanuatu’s achievements and to promote the country abroad.

Date: 10 October 2019
Time: 2.30pm
Venue: VCCI Conference Room

Please do not hesitate to contact VCCI Reception for more information and confirm your attendance to the meeting by phone 27543 or by email reception@vcci.vu