Papua New Guinea Calls for Balanced Trade Partnership with Australia Amidst Decades-long Imbalance6/4/2024
The longstanding trade relationship between Australia and Papua New Guinea has been characterized by a significant imbalance favoring Australia, according to Papua New Guinea's International Trade and Investment Minister, Richard Maru. Maru revealed that in 2022, Papua New Guinea's exports to Australia amounted to AU$1.6 billion (approximately K4.1 billion), with over 98 percent of that comprising gold and other precious metals. In contrast, Australia's exports to Papua New Guinea stood at AU$95.9 million (K246.7 million). During discussions with Australian High Commissioner John Feakes, Maru emphasized Papua New Guinea's reluctance to join the Pacific Agreement on Closer Economic Relations-Plus (Pacer-Plus), citing the country's sustained position over the past decade. "Papua New Guinea is not inclined towards Pacer-Plus," Maru asserted. "Instead, we advocate for a new comprehensive economic trade and investment bilateral partnership with Australia, encompassing various areas of mutual benefit beyond trade in goods." Maru outlined the potential benefits of such a partnership, including the employment of skilled Papua New Guineans, investments in non-extractive sectors, and other avenues to address the substantial trade imbalance. Highlighting the significance of reassessing the bilateral trade dynamics, Maru mentioned that a comprehensive evaluation is underway, with the final report expected to be released soon by the Centre of International Economics. Maru also disclosed plans to appoint an Honorary Trade Commissioner to Australia as part of Papua New Guinea's efforts to strengthen trade relations with its neighbor. Also read Comments are closed.
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