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PNG building new trade deals
4:59 pm GMT+12, 20/03/2017, Papua New Guinea

Papua New Guinea is keen on moving outside its comfort zone by establishing new trade deals with countries outside its key traditional partners.
 
Minister for Trade Commerce and Industry Richard Maru announced this last week during a press conference he held in Port Moresby soon after returning from London.
 
Countries PNG was eager to establish comprehensive economic partnerships with were member states of the commonwealth, particularly India.
 
He said the UK was already keen on pursuing a comprehensive partnership with PNG and it expected to sign off on this in the not too distant future.
 
He acknowledged the PNG High Commissioner to the UK based in London Winnie Kiap for her support with the meeting arrangements.
 
Russia, a nation totally outside the box was another country whose name had emerged as well.
 
Maru stated that while PNG has enjoyed some positive trade with its key partners, PNG is at a cross-road.
 
He said this is because past policy and institutional weaknesses resulted in weak economic performance, weak balance of payments and high unemployment rates.
 
“We have also reviewed all our trade agreements and will seriously deal with countries that continue to discriminate against PNG products and services.
 
“We are also questioning how we have managed our progress in the multi-lateral trade liberalisation process. What we have gained or lost as an economy through this process,” the minister stressed.



SOURCE: POST COURIER/PACNEWS


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