Financial Similarities Between USAd Fiji

TASK 2

There are not many economic and financial similarities between USA and Fiji except that both countries use dollar value though the currency and exchange rates may differ. Both the countries have almost same rate of GDP growth in 2015 at 2.4 percent and 3.2 percent for USA and Fiji respectively (, n.d.). As discussed in task one, USA and Fiji have outlined ways to create financial stability in its economy. The differences between the two countries are that USA has highest GDP of USD$17.9 trillion known to be the worlds highest GDP whereas Fiji has low GDP of FJD$4.39 billion ranked 160 in the world. The major difference is that USA is a developed country with GDP per capita at USD$55,000 which is far greater than a developing Island nation

have been working closely with New Zealand and both the countries are open to trade with New Zealand. Fiji is open to trade since 1996 after it became a member of the World Trade Organisation. On the other hand, U.S. has been actively participating in Trans-Pacific Partnership Agreement negotiations and is also open to trade with New Zealand in the same manner as Fiji as discussed in Task 1. Since both the countries are open to trade with New Zealand, introduction of Griffin’s product will not require special import licence requirements and both the countries may come up with tariffs that’s is favourable as agreed in TPP and WTO agreements. There are no such policies that might affect New Zealand’s trade with Fiji and the U.S since both the countries are working closely on its international trade agreements with New Zealand. Fiji has become democratic and politically stable after 2014 general election which has open ties with many international countries for trade. On the same note U.S. has always been a politically stable country since Civil War for the last 135 years. There are a number of steps involved in establishing a business in Fiji and the U.S. and these steps are different in each country. In Fiji, starting a new company might take up to 60 working days and has quite a process before the company can operate. These steps include checking the exclusivity of the planned company and reserve name, a lawyer might be hired to draft legal documents for the company before the company can be registered with Companies Registrar. The company then has to register with Fiji Revenue and Customs Authority (FRCA) for Tax Identification Number (TIN), which usually includes visit from FRCA officials for inspection of the company. Upon inspection the company needs to submit its TIN number to Companies Registry and comply with National Fire Authority (NFA), a certificate from NFA would state that the company has complied with NFA regulations. After which the