Bollard highlights potential for trade ties

PAPUA New Guineans are roughly twice as well off in economic terms than their parents were, says Asia-Pacific Economic Cooperation Secretariat (Apec) executive director Dr Allan Bollard.
He said this was due to greater inter-connectivity with regional trading partners, while noting how more needs to be done to reach those who have not felt those benefits.
Dr Bollard pointed to PNG doubling of its per capita income since joining Apec as a testament to the uplifting potential of trade cooperation and guide to moving forward in the region.
He was speaking at the Apec Discussion Series at the Precinct at the University of PNG with World Trade Organisation director general Roberto Azevêdo.
“How trade policy unfolds in the region and its implications globally could have a significant impact on the direction of growth and employment in the near-term and beyond,” Bollard said
“We want to make sure that there are good rules for international trade that will translate to continued improvements in living standards for people all around the Asia-Pacific.
“Apec has an opportunity to lead the way towards achieving these goals.”
WTO director general Roberto Azevêdo said the Asia-Pacific regional trade initiatives could have a significant and positive impact on the multilateral system.
PNG’s leadership in Apec this year is a clear sign of that international engagement,” Azevêdo said.
“This is very positive.”