A major trade reform is underway in Vanuatu, aimed at addressing unfair competition in the market and improving consumer protection across the country.

As inflation continues to impact the cost of goods and services globally, concerns have also been rising in Vanuatu over the increasing prices of everyday items and services.

In response, the Bureau of Price Monitoring and Consumer Affairs under the Ministry of Finance is working closely with stakeholders to implement a comprehensive trade reform.

The reform will roll out national trade protection policies, legislation, and a legal framework to safeguard the rights of consumers and ensure fair market practices.

Speaking to VBTC News, CEO of the Bureau, Lissie Taura, said the reform will protect the purchasing power of consumers and promote fair competition among businesses in Vanuatu.

“Right now, many consumers don’t know where to lodge their complaints. We have some regulators in place, but we’re not fully meeting the needs of all consumers. This reform, supported by bilateral partners, will provide a proper legal framework for consumers to raise complaints and ensure their concerns are addressed,” Mrs. Taura explained.

She said the reform will not only support consumers but also help businesses improve their trade practices based on consumer feedback.

“Consumer complaints help us refine our procedures across sectors and ensure businesses are aligned with fair trade practices. It will also encourage potential investors who can trust that their businesses will operate under a safe and fair trade environment,” she added.

Mrs. Taura also stressed that the trade reform will empower the government to be in a stronger position when making trade agreements or decisions related to imported goods in the future.