PNG Pursues Closer Trade Ties with China Amidst Feasibility Study
Papua New Guinea is eyeing enhanced trade relations with China through a prospective Free Trade Agreement, pending the results of a feasibility study anticipated to conclude this July.
International Trade and Investment Minister Richard Maru expressed PNG's commitment to bolstering ties with China, contingent upon the findings of the joint feasibility study. Maru emphasized that any decision to pursue a Free Trade Agreement with China would be based on its viability and alignment with PNG's national interests.
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| PNG Pursues Closer Trade Ties with China Amidst Feasibility Study |
The announcement came following a two-hour meeting between Maru and Chinese Deputy Commerce Minister Tang Wenhong on Saturday, held alongside bilateral discussions between Foreign Affairs Minister Justin Tkatchenko and his Chinese counterpart Wang Yi.
Maru, a vocal critic of the Pacific Trade Agreement PACER Plus involving Australia and New Zealand, underscored PNG's desire to diversify its trade partnerships. Highlighting Australia as the largest investor in PNG, Maru lamented the trade deficit, noting that PNG's exports to Australia significantly outweighed imports from Australia.
In contrast, PNG has enjoyed a more favorable trade balance with China in recent years, with Maru advocating for the expansion of trade between the two nations. Citing statistics, he pointed out PNG's surplus trade balance with China from 2017 to 2021, highlighting China as a significant export destination and import source for PNG.
Maru emphasized the economic significance of trade with China, noting its potential for driving PNG's export growth. He called for PNG to follow the lead of Australia and New Zealand in pursuing Free Trade Agreements with China, considering the latter's status as a major export market for both countries.
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