A government official is worried that the country will suffer significant consequences as a result of the foreign trade restrictions.
The decline in domestic demand, according to acting chief trade officer Richard Yakam, has already been felt.
Yakam praised the government for announcing the reopening of the Porgera mine but added that the other major projects in the pipeline would help the economy recover to a more optimistic outlook.
“In terms of international trade, the production level has reduced,” he said. “I received news from the world trade organisations (WTO) that some of the countries have decided to enforce export restrictions of food products like rice because they are more concerned about the domestic population.”
He said that this is a topic that is being debated on a global scale, with countries imposing export restrictions.
Since their domestic production is declining, they do not want to export, especially staple products.
“So it’s becoming a food security issue and concern for everybody. It will greatly affect those countries that depend mainly on imported goods,” said Yakam. “Currently, discussions are going on amongst the relevant government agencies but, I don’t know how it will be concluded.”
He believed that if countries curb their exports, it would have a significant effect.
