Marshall Islands

Location : Oceania, group of atolls and reefs in the North Pacific Ocean, about one-half of the way from Hawaii to Australia

Capital : Majuro

Languages : Marshallese (official) and English (official) 

Area : 181.3 sq km

Land Use: arable land: 16.67%; permanent crops: 38.89%; other: 44.44% (2001)

Natural Resources : coconut products, marine products, deep seabed minerals

Population : 59,071 (July 2005 est.)

Labour force : 28,700 (1996 est.) 

Labour force participation rate : 48.59% of population (1996 est.)

International Organisation participation : ACP, ADB, FAO, G-77, IAEA, IBRD, ICAO, ICC, IDA, IFC, IMF, IMO, Interpol, ITU, OPCW, PIF, SPARTECA, UN, UNCTAD, UNESCO, WHO

GDP per capita : U$1,600 (2001 est.)

GDP Real Growth Rate : 1% (2001 est.)

GDP sectoral composition : agriculture: 14%; industry: 16%; services: 70% (2000 est.)

Industries: copra, tuna processing, tourism, craft items from shell, wood, and pearls 

Agriculture - products : coconuts, tomatoes, melons, taro, breadfruit, fruits; pigs, chickens

Exports : U$$9 million f.o.b. (2000)

Exports - commodities : copra cake, coconut oil, handicrafts, fish

Exports - partners : US, Japan, Australia, China (2000)

Imports : U $54 million f.o.b. (2000)

Imports - commodities : foodstuffs, machinery and equipment, fuels, beverages and tobacco 

Imports - partners : US, Japan, Australia, NZ, Singapore, Fiji, China, Philippines (2000)

QUALITATIVE TRADE PROFILE

The Marshall Islands is a service-based economy. The most important element of its trade policy is its Compact of Free Association with the United States. Under this agreement, the Marshall Islands has duty-free access to the United States and is provided with U$100 million in aid annually through to 2023 and is allowed access to various US domestic federal programs. In return the US gets exclusive defence rights to the Marshall Islands.

TRADE AGREEMENTS

Bilateral

Marshall Islands has signed a Compact of Free Association (CFA) with the United States, which provides non-reciprocal duty free access, as well various entitlements to financial assistance, for the Marshall Islands.

Regional

The Marshall Islands is a member of the Pacific Islands Forum. It has also signed the Pacific Islands Countries Trade Agreement (PICTA), under which member countries agree to liberalize trade in goods. It also has duty-free access to the Australian and New Zealand markets under the South Pacific Agreement on Regional Trade and Economic Co-operation (SPARTECA). The Marshall Islands was not a signatory to the Lomé Convention but has signed Cotonou and as such is currently negotiating an Economic Partnership Agreement with the EU through the Pacific configuration. It is currently negotiating an Economic Partnership Agreement with the EU through the Pacific configuration.

Multilateral

Marshall Islands is neither a member nor observer of the WTO.

Source: UNCTAD, World Fact Book