Photo credit: Post Courier
The National Trade Office (NTO) has recently unveiled Papua New Guinea's inaugural National Trade Portal and the Export Readiness Assessment Guidebook, which have garnered significant praise as vital resources for accessing trade information. These initiatives aim to provide small and medium enterprises (SMEs), traders, and investors with unparalleled opportunities to explore new markets, establish global connections, generate employment, and contribute to the economic prosperity of the country.
According to Richard Yakam, the Chief Trade Officer of the NTO, "Providing the right information to our private sector, especially our SMEs, is very important to our drive towards building a resilient and vibrant private sector for sustainable growth-based economic development."
The National Trade Portal serves as a comprehensive gateway to various trade facilitation agencies and commodity boards, offering invaluable insights into the acquisition of certificates, customs clearances, and other trade-related procedures. By centralizing this information, the platform simplifies and streamlines trade processes for businesses of all sizes.
In the same vein, the Export Readiness Assessment Guidebook is a crucial resource that assists SMEs in navigating the complexities of international trade. Written in simple language, it provides a step-by-step breakdown of the processes and documentation required for SMEs to engage in global markets.
Likewise, the investment guide seeks to provide essential information to potential foreign investors interested in Papua New Guinea. This comprehensive guide encompasses various aspects, such as the regulatory framework, tax regime, political and economic climate, and the country's investment potential.
"I applaud the NTO, a department under the Ministry of International Trade and Investment, for successfully delivering these key documents with limited budget support," praised Deputy Prime Minister John Rosso during the official event.
Funding for the trade portal was allocated from the 2022 development budget, aligning with Papua New Guinea's commitment to implementing Article 1-5 of the World Trade Organization's Trade Facilitation Agreement, signed by the country in 2016. This initiative aims to make trade information readily available to all stakeholders while ensuring transparency throughout the process.
By launching the National Trade Portal and the Export Readiness Assessment Guidebook, the NTO has taken a significant step towards enhancing trade facilitation, empowering SMEs, and attracting foreign investment in Papua New Guinea. These resources are expected to contribute to the country's economic development by creating an environment conducive to sustainable growth.
