Photo credit: China Daily
According to an official, the governments of China and Papua New Guinea are collaborating on a feasibility assessment for a prospective bilateral free trade agreement (FTA).
According to a representative for the Chinese embassy, the FTA may help to increase bilateral commerce, particularly in the food and agriculture sectors.
“China is a large market where opportunities are still there for more imports,” he said.
“There is enormous potential for agricultural cooperation between China and PNG.
“During Prime Minister James Marape’s visit to China earlier this year, the two sides revised an existing protocol to expand the scope of frozen marine products allowed to be exported to China and signed a new protocol to allow marine products to enter the Chinese market.
“The two governments also signed a memorandum of understanding on agricultural cooperation.
“The PNG Government is committed to growing more agricultural produces and developing downstream processing to satisfy domestic needs and for further export, and the Chinese side is ready to tap into the potential and strengthen cooperation in those areas with PNG.”
The embassy said that several Chinese companies have expressed interest in making investments in a range of PNG industry areas, including but not limited to energy, mining, and agriculture.
According to the spokeswoman, many prospective investors think that PNG has a promising economy with significant room for growth.
“The Chinese government encourages more Chinese companies to invest and start operating in PNG on the basis of mutual benefit and market principles, to join and contribute to PNG’s industrialisation drive and capacity building for sustainable development.
“China always supports PNG’s efforts to achieve independent development and prosperity for the country.”
Reference: Esila, Peter. The National (5 October 2022). “Trade to focus on agri”.
