Partnership promising despite US TPP move

COMMERCIAL partnerships between the United States and Papua New Guinea looks promising despite the US pulling out of Trans-Pacific Partnership, an official says.
US Embassy in Port Moresby Economic Officer Bradley Coley said bilateral agreements were being pursued by the US government in the region.
“The United States government withdrew from the Trans-Pacific Partnership (TPP) negotiations and agreement on Jan 23, last year,” he said.
“US President Donald Trump and the US Trade Representative, Robert Lighthizer, have both expressed a preference for bilateral trade agreements, as opposed to multilateral trade agreements such as TPP.”
There is no bilateral trade agreement between US and PNG with trade being done through the framework of Asia-Pacific Economic Cooperation (Apec) and World Trade Organisation.
“A bilateral trade agreement with Japan is a priority for the Trump administration,” he said.
“Outside of TPP, the US maintains robust trading relationships with all of the members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
“Currently, the US already has free-trade agreements with CPTPP members Australia, Chile, Singapore, Canada, and Mexico in addition to South Korea – a Pacific Rim nation which is not a member of CPTPP.”
Coley said the future was bright for trade between United States and PNG, pointing to the positive impact of American companies in PNG, such as ExxonMobil’s PNG LNG project.
“However, there are many American businesses with long histories in Papua New Guinea other than ExxonMobil. Power is generated throughout PNG by GE turbines or Cummins generators. Earth is moved with Caterpillar equipment,” he said.
“We hope to get more American businesses interested and involved in Papua New Guinea to help drive PNG’s growth and development for years to come.”