Industry Development. Recognising the limited number of industry development opportunities inherent in a regional grouping of countries characterised mostly by low populations, limited arable land and other natural resources, small isolated economies and high vulnerability to natural disasters; and Taking into account the high incidence of persistent gaps between Forum Island Countries’ respective levels of per capita gross national income and those of the world’s developed countries and larger or more advanced developing countries: 1. The Joint Committee may approve a measure known as an Industry Development Measure requested by a Forum Island Country for the purpose of enabling such requesting Party to support: (a) the establishment of a new industry or a new branch of production in an existing industry; (b) the substantial transformation of an existing industry; (c) the substantial expansion of an existing industry supplying a small proportion of the domestic demand; or (d) an industry destroyed or substantially damaged as a result of hostilities or natural disaster.
Appears in 6 contracts
Samples: Pacific Agreement on Closer Economic Relations Plus (Ratification) Act, Free Trade Agreement, Pacific Agreement on Closer Economic Relations Plus
