PNG-Aust trade meet

 EXPANDING trade and investment opportunities with Papua New Guinea is on the agenda as Australian and PNG ministers meet in Canberra.

Foreign Minister Julie Bishop and her PNG counterpart Rimbink Pato were co-hosting a forum at Parliament House yesterday, with ministers from a range of portfolios to discuss issues of mutual importance.

The forum sets the agenda for the bilateral relationship, described by Bishop as one of Australia’s “highest foreign policy priorities”.

Ministers discussed expanding trade and investment ties and strengthening people-to-people links. 

Bishop said PNG’s energy projects had enormous potential to grow the economy and provide unparalleled opportunities for the country.

She wrote this in a piece for the Lowy Institute, adding that PNG was undergoing an economic transformation, thanks to a resources boom.

Bishop said PNG was becoming an increasingly important regional player, exemplified by its efforts to combat people smuggling and co-hosting the Asia-Pacific Economic Cooperation Forum in 2018.

Energy projects had enormous potential to grow the PNG economy and provide unparalleled opportunities for the country.

“A new middle class is emerging in PNG, including a new generation of young leaders and entrepreneurs, many of whom I was pleased to meet at last month’s Australia-PNG emerging leaders dialogue.

“At the same time, PNG is an increasingly important regional player, assisting in combating the people-smuggling trade and hosting the Asia-Pacific Economic Cooperation Forum in 2018.

“Today’s (Wednesday) forum provides an opportunity to take our relationship with PNG to the next level, to reflect the rapid changes occurring within our nearest neighbours and to ensure a relationship that endures based on an economic and strategic partnership. 

“We will discuss expanding trade and investment ties and strengthening people-to-people links. 

“This includes establishing an Australia-PNG Network to encourage stronger ties between businesses and create an online space for collaboration. 

“Using the annual the “emerging leaders dialogue” as a showcase, the network will bring together sister city, school and twinning arrangements, providing a point of contact for organisations wanting to create closer bonds.

Australia is supporting PNG’s establishment of a sovereign wealth fund to help ensure the economic gains from the resources sector translate into real outcomes for the people of PNG through sustainable and responsible extraction of resources.