EU sees potential in economic relations

Business

THE European Union (EU) sees PNG as a model for a high economic partnership agreement, an official says.
Head of delegation and EU ambassador to PNG Ioannis Giogkarakis Argyroplous said the EU was encouraging PNG to play a more prominent role on regional trade by expanding trade to other Pacific nations.
He was speaking at the launching of the country’s first National Trade Policy (2017-2032) in Port Moresby on Wednesday night.
“Up to 2015, PNG experienced more than 10 years of consecutive economic expansion, an average GDP growth rate of six per cent per year,” he said.
“It was in itself a remarkable achievement.
“However, this growth did not lift people out of poverty.
“We have all seen the over reliance on the mining and gas and the impacts on the economy.
“There is a report on the mid-year economic fiscal outlook which highlights the current challenges and underline the needs for physical measures to take place.
“The report also highlighted a positive employment trend. However, there is certainly a potential for more suitable opportunities.
“The national trade policy has the potential to give the impetus towards the strongest diversified and inclusive PNG economy where benefits are shared by the entire population.”

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