PNG has potential to increase exports to UK, says trade chief

PAPUA New Guinea has the potential to increase its exports, particularly from the non-extractive sector, to the United Kingdom (UK), according to Papua New Guinea Trade Office chief Richard Yakam.
“PNG has the potential to increase exports to the UK market but some its non-mineral sectors like agriculture, commodities processing, fisheries, and investments in special economic zones (SEZs) are currently under development,” he said.
Yakam met UK’s trade adviser Peter Harrington on Monday in Port Moresby to discuss the importance of bilateral trade and investment.
Yakam said PNG could also lure UK businesses to invest in PNG’s non-extractive sector. “It is important for Papua New Guinea to collaborate with the UK Government to boost bilateral trade and investment,” he said.
Harrington is in Port Moresby from March 18 to 22 and is scheduled to talk to government agencies, exporters, and export-ready businesses to explore export opportunities to the UK market.
“Pacific countries, including PNG, have transitioned from the Economic Partnership Agreement (EPA) with the European Union-27 to the UK-Pacific States EPA to maintain trade relationships. And this agreement, similar to the EU’s EPA, is crucial for sustaining trade deals with Pacific island countries,” he said.
Yakam said Harrington would engage in consultations with government officials, chambers of commerce, business associations, and exporters to assess their experiences with the UK-PNG EPA, to improve its effectiveness.
“We are looking forward to strengthening bilateral cooperation to boost PNG’s exports and attract more investments,” Yakam said.