Pacific Islands Of Micronesia Business
Economy
Service economies based on tourism and financial services have generally proved difficult to establish owing to the remoteness of the territories and the lack of infrastructure. Micronesia and the Northern Marianas have gone furthest in their efforts to overcome these obstacles, but the region as a whole continues to rely heavily on foreign aid, mostly from the USA.
As members of the Pacific Islands Forum, the islands have agreed to participate in a free trade zone, known as PICTA (Pacific Island Countries Trade Agreement), set up in 2002. Supporters of the Agreement contend that it will bring much-needed trade to the region; critics maintain that the islands are being run over by the globalisation bandwagon and small, fragile economies are being forced to open up before they are ready.
Business Etiquette
Office hours: Mon-Fri 0800-1700.
Government office hours: Mon-Fri 0800-1200 and 1300-1700. There may be some local variations.
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