European Union trade deal makes K3bil yearly

THE interim economic partnership agreement (EPA) signed between the European Union and Papua New Guinea in 2009 has grown to become the most-important trade agreement since.
The EPA led to massive growth in exports to EU markets where PNG generates K3.5 billion annually.
The head of EU delegation to PNG, Ioannis Giogkarakis, said recently in Lae that the EPA had succeeded in its aim to support businesses to increase their participation in regional and global value chains.
“In fact, the contributions made by the EU to PNG to support and promote trade as a vehicle for economic development also includes development of PNG’s first national trade policy,” he said.
“This will further improve on the structure and composition of government agencies responsible for trade matters, and a number of technical support towards capacity development, trade negotiations and trade facilitation.”
In the job creation aspect, the EPA has contributed to over 40,000 jobs in the fishing industry as PNG tuna has emerged as a major export product to the EU market.
Giogkarakis said that last year alone, the sector made the single-largest contribution to PNG Government revenue even when compared to the mineral and LNG sector. “Nonrenewable resources like minerals and gas will run out but fishing industry, if we all support it by taking important conservation measures, will remain for a much longer time,” he said.
“Other renewable resources like timber and agricultural products have the potential too, and that is why European Union continues to support trade as a developing tool.”