Standards and Regulation in Tuvalu
Tuvalu is not a member of the International Organisation for Standardisation and accordingly there is no national standards bureau. Despite this, there are several regulatory bodies and organisations which help govern business relations. The Foreign Direct Investment Act 1996 legislates all foreign investments in Tuvalu. The Foreign Investment Facilitation Board (FIFB) oversees investment activities, under the auspices of the Ministry of Tourism, Trade and Commerce. Its roles include providing necessary information regarding investment opportunities in the country and considering application proposals. Applicants must also complete a Foreign Direct Investment Questionnaire (FDIQ) detailing the size and nature of the project, its predicted costs and benefits, land requirements and other information needed to assess the investment proposal. Tuvalu is a member of the Pacific Islands Forum and is a party to the Pacific Islands Countries Trade Agreement (PICTA) which involves a commitment to reduce and eliminate tariffs amongst the 14 Pacific Forum member countries. Tuvalu is also a member of the Pacific Area Closer Economic Relations (PACER) initiative which includes Australia and New Zealand in addition to the 14 Forum Island countries.