PNG ready for study on trade with China

THE country is ready to start a feasibility study on a proposed free trade agreement (FTA) with China, according to International Trade and Investment Minister Richard Maru.
“This study has been in the pipeline for some time and finally, with the grant funding of K1 million from Budget 2023 to the national trade office, the study will begin in the New Year,” he added.
He said with Papua New Guinea adopting its first National Trade Policy 2017-2032 in 2017, it was now a requirement that a cost-benefit analysis be conducted and all affected stakeholders to be consulted.
This, Maru added, was a prerequisite before committing the country to any form of trade negotiations or prior to signing any trade arrangement or agreement amongst other guiding principles and measures.
“Therefore, PNG must conduct the studies to assess the impacts on PNG’s economic and social sectors to determine PNG’s offensive and defensive interests of our people to ensure that any trade deal will be in the interest of PNG,” Maru said.
He said the study would be undertaken by an independent body to inform of the possible scope of the proposed arrangement or agreement with China.
“Whether it will be a full-blown agreement or a partial scope agreement that we can build on in the future,” Maru said.