Editing Marshall Islands (section)

==Economy==
{{Main|Economy of the Marshall Islands}}
[[File:Marshall Islands PICT0943 (4776559907).jpg|thumb|Sailboat in the Marshall Islands]]
[[File:A fisherman on Majuro, Marshall Islands, February 2012. Photo- Erin Magee - DFAT (12426170833).jpg|thumb|Fisherman on Majuro, 2012]]
The islands have few natural resources, and their imports far exceed exports. According to the CIA, the value of exports in 2013 was approximately $53.7 million while estimated imports were $133.7 million. Agricultural products include coconuts, tomatoes, melons, taro, breadfruit, fruits, pigs and chickens. Industry is made of the production of copra and craft items, tuna processing and tourism. The GDP in 2016 was an estimated $180 million, with a real growth rate of 1.7%. The GDP per capita was $3,300.<ref>{{cite web |url=http://www.theodora.com/wfbcurrent/marshall_islands/marshall_islands_economy.html |title=Marshall Islands Economy 2017, CIA World Factbook |website=Theodora.com |access-date=August 22, 2017 |archive-date=August 14, 2017 |archive-url=https://web.archive.org/web/20170814174949/http://www.theodora.com/wfbcurrent/marshall_islands/marshall_islands_economy.html |url-status=live}}</ref>

The [[International Monetary Fund]] reported in mid-2016 that the economy of the Republic had expanded by about 0.5 percent in the Fiscal Year 2015 thanks to an improved fisheries sector. A surplus of 3% of GDP was recorded "owing to record-high fishing license fees. Growth is expected to rise to about 1.5 percent and inflation to about 0.5 percent in FY2016, as the effects of the drought in earlier 2016 are offset by the resumption of infrastructure projects."<ref name="imf.org">{{cite web |url=http://www.imf.org/en/Publications/CR/Issues/2016/12/31/Republic-of-the-Marshall-Islands-2016-Article-IV-Consultation-Press-Release-Staff-Report-and-44150 |title=Republic of the Marshall Islands : 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of the Marshall Islands |website=Imf.org |access-date=August 22, 2017 |archive-date=August 14, 2017 |archive-url=https://web.archive.org/web/20170814175013/http://www.imf.org/en/Publications/CR/Issues/2016/12/31/Republic-of-the-Marshall-Islands-2016-Article-IV-Consultation-Press-Release-Staff-Report-and-44150 |url-status=live}}</ref>

In 2018, the Republic of Marshall Islands passed the [[Sovereign Currency Act of 2018|Sovereign Currency Act]], which made it the first country to issue their own [[cryptocurrency]] and certify it as legal tender; the currency is called the "Sovereign".<ref>{{cite news |url=https://www.reuters.com/article/us-crypto-currencies-marshall-islands/marshall-islands-to-issue-own-sovereign-cryptocurrency-idUSKCN1GC2UD |title=Marshall Islands to issue own sovereign cryptocurrency |work=Reuters |access-date=March 5, 2018 |archive-date=March 1, 2018 |archive-url=https://web.archive.org/web/20180301143628/https://www.reuters.com/article/us-crypto-currencies-marshall-islands/marshall-islands-to-issue-own-sovereign-cryptocurrency-idUSKCN1GC2UD |url-status=live}}</ref><ref>{{cite web |title=Unlocking the potential of blockchain technology |url=https://news.mit.edu/2021/unlocking-potential-blockchain-0616 |access-date=2021-06-20 |website=MIT News {{!}} Massachusetts Institute of Technology|date=June 16, 2021 |language=en |archive-date=2021-12-13 |archive-url=https://web.archive.org/web/20211213004138/https://news.mit.edu/2021/unlocking-potential-blockchain-0616 |url-status=live}}</ref>

Marshall Islands has signed a [[Free trade agreement|bilateral trade agreement]] with Taiwan in 2019, this agreement has been approved in 2023 and will take effect at a future date.<ref>{{cite web |title=ECA/FTA簽訂夥伴 |url=https://fta.trade.gov.tw/ |website=臺灣ECAFTA總入口網站 |publisher=Bureau of Foreign Trade |access-date=11 June 2023 |archive-date=June 11, 2023 |archive-url=https://web.archive.org/web/20230611160659/https://fta.trade.gov.tw/ |url-status=live }}</ref>

=== Shipping===
The Marshall Islands plays a vital role in the international shipping industry as a [[flag of convenience]] for commercial vessels.<ref>{{Cite news |url=https://www.nytimes.com/2015/06/04/business/international/marshall-islands-shipping-greenhouse-gas-emissions.html |title=Marshall Islands, the Flag for Many Ships, Seeks to Rein In Emissions |last=Galbraith |first=Kate |date=June 3, 2015 |work=The New York Times |access-date=January 3, 2018 |language=en-US |issn=0362-4331 |archive-url=https://web.archive.org/web/20180104014023/https://www.nytimes.com/2015/06/04/business/international/marshall-islands-shipping-greenhouse-gas-emissions.html |archive-date=January 4, 2018 |url-status=live |df=mdy-all}}</ref> The Marshallese registry began operations in 1990, and is managed through a joint venture with International Registries, Inc., a US-based corporation that has offices in major shipping centers worldwide.<ref>{{cite web |url=http://thelawreviews.co.uk/edition/the-shipping-law-review-edition-4/1144034/marshall-islands |title=Marshall Islands – The Shipping Law Review – Edition 4 |website=The Law Reviews |language=en |access-date=January 3, 2018 |archive-url=https://web.archive.org/web/20180104022404/http://thelawreviews.co.uk/edition/the-shipping-law-review-edition-4/1144034/marshall-islands |archive-date=January 4, 2018 |url-status=dead|df=mdy-all}}</ref> As of 2017, the Marshallese ship registry was the second largest in the world, after that of [[Panama]].<ref>{{Cite news |url=http://www.seatrade-maritime.com/news/europe/marshall-islands-becomes-the-world-s-second-largest-ship-registry.html |title=Marshall Islands becomes the world's second largest ship registry |last=Hand |first=Marcus |date=March 22, 2017 |work=Seatrade Maritime News |access-date=January 3, 2018 |language=en |archive-url=https://web.archive.org/web/20170815151641/http://www.seatrade-maritime.com/news/europe/marshall-islands-becomes-the-world-s-second-largest-ship-registry.html |archive-date=August 15, 2017 |url-status=live |df=mdy-all}}</ref>

Unlike some flag countries, there is no requirement that a Marshallese flag vessel be owned by a Marshallese individual or corporation. Following the 2015 seizure of the ''[[MV Maersk Tigris]]'', the United States announced that its treaty obligation to defend the Marshall Islands did not extend to foreign-owned Marshallese flag vessels at sea.<ref>{{Cite news |url=https://www.washingtonpost.com/news/volokh-conspiracy/wp/2015/05/01/u-s-treaty-obligation-to-defend-marshall-islands-ships/ |title=U.S. treaty obligation to defend Marshall Islands ships |last=Kopel |first=David |date=May 1, 2015 |newspaper=[[The Washington Post]] |access-date=January 3, 2018 |language=en-US |issn=0190-8286 |archive-url=https://web.archive.org/web/20180104013825/https://www.washingtonpost.com/news/volokh-conspiracy/wp/2015/05/01/u-s-treaty-obligation-to-defend-marshall-islands-ships/ |archive-date=January 4, 2018 |url-status=live |df=mdy-all}}</ref>

As a result of ship-to-ship transfers by Marshallese flag tanker vessels, the Marshall Islands have statistically been one of the largest importers of crude oil from the United States, despite the fact that the islands have no oil refining capacity.<ref>
{{Cite news |last=Gloystein |first=Henning |date=2016-08-12 |title=How the Marshall Islands became a top U.S. crude export destination |url=https://www.reuters.com/article/oil-marshall-islands/how-the-marshall-islands-became-a-top-u-s-crude-export-destination-idUSL8N1AT07P |url-status=live |department=Intel |work=[[Reuters]] |archive-url=https://web.archive.org/web/20180104073406/https://www.reuters.com/article/oil-marshall-islands/how-the-marshall-islands-became-a-top-u-s-crude-export-destination-idUSL8N1AT07P |archive-date=January 4, 2018 |access-date=January 3, 2018 |df=mdy-all}}</ref>

===Labour===
In 2007, the Marshall Islands joined the [[International Labour Organization]], which means its labor laws will comply with international benchmarks. This may affect business conditions in the islands.<ref>{{cite web |url=http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang--en/WCMS_083235/index.htm |title=Republic of the Marshall Islands becomes 181st ILO member State |publisher=Ilo.org |date=July 6, 2007 |url-status=dead |archive-url=https://web.archive.org/web/20080724051220/http://www.ilo.org/global/About_the_ILO/Media_and_public_information/Press_releases/lang--en/WCMS_083235/index.htm |archive-date=July 24, 2008}}</ref>

===Taxation===

The [[income tax]] has two brackets, with rates of 8% and 12%.<ref name="rmiparliament.org">{{cite web |url=https://rmiparliament.org/cms/legislation/current/by-title.html?view=acts_by_category |title=Official Homepage of the NITIJELA (PARLIAMENT) |publisher=NITIJELA (PARLIAMENT) of the Republic of the Marshall Islands |access-date=2018-01-16 |archive-date=2018-01-16 |archive-url=https://web.archive.org/web/20180116135714/https://rmiparliament.org/cms/legislation/current/by-title.html?view=acts_by_category |url-status=live}}</ref> The [[corporate tax]] is 3% of revenue.<ref name="rmiparliament.org"/>

===Foreign assistance===

[[United States government]] assistance is the mainstay of the economy. Under terms of the Amended [[Compact of Free Association]], the U.S. is committed to providing US$57.7 million per year in assistance to the Marshall Islands (RMI) through 2013 and then US$62.7 million through 2023, at which time a trust fund, made up of U.S. and RMI contributions, will begin perpetual annual payouts.<ref>{{cite web |url=http://www.doi.gov/oia/Firstpginfo/laws/public%20law%20108-188,%20December%2017,%202003.pdf |title=COMPACT OF FREE ASSOCIATION AMENDMENTS ACT OF 2003 |work=Public Law 108–188, 108th Congress |date=December 17, 2003 |url-status=dead |archive-url=https://web.archive.org/web/20071026023104/http://www.doi.gov/oia/Firstpginfo/laws/public%20law%20108-188%2C%20December%2017%2C%202003.pdf |archive-date=October 26, 2007}}</ref>

The [[United States Army]] maintains the [[Ronald Reagan Ballistic Missile Defense Test Site]] on [[Kwajalein]] Atoll. Marshallese landowners receive rent for the base.

===Agriculture===
[[File:Marshall Islands PICT0355 (4744730879).jpg|thumb|[[Coconut palm]]s in the Marshall Islands]]
Agricultural production is concentrated on small farms.<ref>{{Cite news |url=https://www.huffingtonpost.com/entry/marshall-islands-farming-climate_us_566a0b5ee4b0f290e522ac67 |title=In The Marshall Islands, Traditional Agriculture And Healthy Eating Are A Climate Change Strategy |last=Mellgard |first=Peter |date=2015-12-12 |work=Huffington Post |access-date=2019-01-16 |language=en-US |archive-date=2018-02-25 |archive-url=https://web.archive.org/web/20180225171805/https://www.huffingtonpost.com/entry/marshall-islands-farming-climate_us_566a0b5ee4b0f290e522ac67 |url-status=live}}</ref> The most important commercial crop is [[copra]],<ref>{{cite web |url=http://www.infomarshallislands.com/copra-processing-plant/ |title=Copra Processing Plant • Marshall Islands Guide |date=November 18, 2016 |website=Infomarshallislands.com |access-date=August 22, 2017 |archive-date=October 27, 2017 |archive-url=https://web.archive.org/web/20171027235640/http://www.infomarshallislands.com/copra-processing-plant/ |url-status=live}}</ref><ref>{{cite web |url=http://marshallislandsjournal.com/Journal_WP/?p=2271 |title=Copra production up on 2014 – The Marshall Islands Journal |date=October 9, 2015 |website=Marshallislandsjournal.com |access-date=August 22, 2017 |url-status=dead |archive-url=https://web.archive.org/web/20170814175737/http://marshallislandsjournal.com/Journal_WP/?p=2271 |archive-date=August 14, 2017 |df=mdy-all}}</ref> followed by [[coconut]], [[breadfruit]], [[Pandanus tectorius|pandanus]], [[banana]], [[Cyrtosperma merkusii|taro]] and [[Tacca leontopetaloides|arrowroot]]. The livestock consists primarily of pigs and chickens.<ref>{{cite web |url=http://www.fao.org/ag/agp/agpc/doc/counprof/southpacific/marschall.htm |title=Marshall Islands |first=Andrew |last=Speedy |website=Fao.org |access-date=August 22, 2017 |url-status=dead |archive-url=https://web.archive.org/web/20160417173632/http://www.fao.org/Ag/agp/agpc/doc/Counprof/southpacific/marschall.htm |archive-date=April 17, 2016 |df=mdy-all}}</ref><ref name="imf.org"/>

===Industry===
Small-scale industry is limited to handicrafts, fish processing, and [[copra]].<ref>{{Cite web |title=Marshall Islands |url=https://www.state.gov/reports/2020-investment-climate-statements/marshall-islands/ |access-date=2022-09-22 |website=United States Department of State |language=en-US |archive-date=September 22, 2022 |archive-url=https://web.archive.org/web/20220922055816/https://www.state.gov/reports/2020-investment-climate-statements/marshall-islands/ |url-status=live }}</ref>

===Fishing===
Majuro is the world's busiest [[tuna]] transshipment port, with 704 transshipments totaling 444,393 tons in 2015.<ref>{{Cite news |url=https://www.undercurrentnews.com/2016/10/13/marshall-islands-majuro-is-worlds-tuna-hub/ |title=Marshall Islands' Majuro is world's tuna hub |work=Undercurrent News |access-date=January 5, 2018 |language=en-US |archive-date=August 8, 2018 |archive-url=https://web.archive.org/web/20180808031217/https://www.undercurrentnews.com/2016/10/13/marshall-islands-majuro-is-worlds-tuna-hub/ |url-status=live}}</ref> Majuro is also a tuna processing center; the Pan Pacific Foods plant exports processed tuna to a number of countries, primarily the United States under the [[Bumble Bee Foods|Bumble Bee]] brand.<ref>{{Cite news |url=https://mh.usembassy.gov/majuro-tuna-plant-exports-world-wide/ |title=Majuro Tuna Plant Exports World-Wide |date=November 23, 2012 |work=U.S. Embassy in the Republic of the Marshall Islands |access-date=January 5, 2018 |language=en-US |archive-url=https://web.archive.org/web/20180106063625/https://mh.usembassy.gov/majuro-tuna-plant-exports-world-wide/ |archive-date=January 6, 2018 |url-status=live |df=mdy-all}}</ref> Fishing license fees, primarily for tuna, provide noteworthy income for the government.<ref name="imf.org" />

In 1999, a private company built a tuna loining plant with more than 400 employees, mostly women. But the plant closed in 2005 after a failed attempt to convert it to produce tuna steaks, a process that requires half as many employees. Operating costs exceeded revenue and the plant closed. It was taken over by the government, which had been the guarantor of a $2 million loan to the business.<ref>{{cite report |url=https://spccfpstore1.blob.core.windows.net/digitallibrary-docs/files/61/6121a03f43997d613f084f59753ebef0.pdf?sv=2015-12-11&sr=b&sig=JeRwf5%2BJkTseI7LqGXxVoSXgxJtCwPt9NQZFi0QzmgE%3D&se=2025-01-21T07%3A04%3A08Z&sp=r&rscc=public%2C%20max-age%3D864000%2C%20max-stale%3D86400&rsct=application%2Fpdf&rscd=inline%3B%20filename%3D"Sokimi_03_Marshall.pdf" |title=Field Report No. 21 on Horizontal Tuna Longline fishing workshops and fishing trials, including correct handling, processing and chilling practices in Majuro, Marshall Islands |author=Sokimi |first=William |date=2003 |publisher=Secretariat of the Pacific Community |location=Noumea, New Caledonia |page= |docket= |quote= |author-link= |access-date= }}{{Dead link|date=May 2025 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

===Energy===
Coconut [[tree]]s abound in the Pacific's [[tropical]] [[islands]]. [[Copra]], the meat of the [[coconut]], yields 1 [[liter]] of [[coconut oil]] for every 6 to 10 coconuts. As of 2007 power authorities, private companies, and entrepreneurs on the islands had been experimenting with coconut oil as alternative to [[diesel fuel]] for [[vehicles]], [[electricity generation|power generators]], and [[ships]].<ref>{{cite web |url=http://afp.google.com/article/ALeqM5iwlwgv6YIwatWfk9HEp0bSjAiV-Q |archive-url=https://web.archive.org/web/20080113002923/http://afp.google.com/article/ALeqM5iwlwgv6YIwatWfk9HEp0bSjAiV-Q |archive-date= January 13, 2008 |title=Pacific Islands look to coconut power to fuel future growth |date=September 13, 2007 |access-date=October 25, 2015}}</ref> In 2009, a 57&nbsp;kW [[solar power]] plant was installed, the largest in the Pacific at the time, including New Zealand.<ref>[http://www.reidtechnology.co.nz/site/reidtech/files//Marshall%20Islands%20Track%202012.pdf College of the Marshall Islands] {{Webarchive |url=https://web.archive.org/web/20130208105638/http://www.reidtechnology.co.nz/site/reidtech/files//Marshall%20Islands%20Track%202012.pdf |date=February 8, 2013 }}. (PDF) . reidtechnology.co.nz. June 2009</ref> It is estimated that 330&nbsp;kW of solar and 450&nbsp;kW of wind power would be required to make the [[College of the Marshall Islands]] energy self-sufficient.<ref>[http://www.yokwe.net/index.php?module=News&func=display&sid=2973 College of the Marshall Islands: Reiher Returns from Japan Solar Training Program with New Ideas] {{Webarchive |url=https://web.archive.org/web/20121028160140/http://www.yokwe.net//index.php?module=News&func=display&sid=2973 |date=October 28, 2012 }}. Yokwe.net. Retrieved September 11, 2013.</ref> Marshalls Energy Company (MEC), a government entity, provides the islands with electricity. In 2008, two 100-[[watt peak|W<sub>p</sub>]] solar home systems were installed on 420 homes on Ailinglaplap Atoll, sufficient for limited electricity use.<ref>{{cite web |url=http://www.rep5.eu/node/48 |archive-url=https://web.archive.org/web/20130510194128/http://www.rep5.eu/node/48 |archive-date=May 10, 2013 |title=Republic of the Marshall Islands |publisher=Rep5.eu |access-date=October 25, 2015}}</ref><ref>{{Cite report |author=Marshalls Energy Company |title=Report of the Installation of the EU REP-5 Solar Project at Ailinglaplap Atoll, Republic of the Marshall Islands |page=4 |url=http://www.rep5.eu/files/pages/file/RMI/REPORT%20OF%20THE%20INSTALLATION%20OF%20REP5%20Final.pdf |archive-url=https://web.archive.org/web/20130120213650/http://www.rep5.eu/files/pages/file/RMI/REPORT%20OF%20THE%20INSTALLATION%20OF%20REP5%20Final.pdf |archive-date=2013-01-20 |url-status=dead |docket=9 ACP MH 1}}</ref>