Market enables export

By DALE LUMA
A FREE trade agreement between PNG and China will achieve broader access for PNG products exported to China, says Chinese Ambassador Xue Bing.
Bing said this during the launch of the China fisheries market this week which will see PNG export directly to mainland China with current trade between the two countries standing at around US$3 billion (K10.15bil).
He said this was not much and there was still space to increase which would be in PNG’s favour as China wanted to buy more quality products from PNG.
“We have a lot of work to do in the future, we are talking to each other regarding the signing of a possible free trade agreement,” Bing said.
“After the signing of the free trade agreement, I think we will open an even broader market access to PNG products directly exported to China.”
He said China already had free trade agreements with PNG’s closest and biggest neighbour, Australia, as well as other countries in the Pacific region and PNG could play an important role in increasing bilateral trade and economic relation in that area.
“Currently, the trade between China and PNG stands at roughly US$3 billion (K10.15bil), but there is still space to increase,” Bing said.
“The good news is that this is heavily in PNG’s favour which is around US$2 billion (K6.76bil) for PNG, so we want to increase that.
“We want to increase our trade, we want to buy more quality products, not only in fisheries but also others including agriculture.”
Bing said PNG could also participate in the upcoming third China International Import Expo as a means to introduce PNG products to Chinese markets.
PNG has taken part multiple times in the event previously.