Media Release
19 May 2009
Australia and PNG Strengthening Trade Links
Australia’s Parliamentary Secretary for Trade, the Hon Anthony Byrne MP, has emphasised the importance of trade for Papua New Guinea’s economy and development, in his opening speech at the Australia-PNG Business Forum in Madang on 18 May 2009.Mr. Byrne travelled to Papua New Guinea to attend the Business Forum, the first of its kind to be held in Papua New Guinea.
Mr. Byrne told business leaders that Australia and Papua New Guinea’s bilateral merchandise trade is worth over K8 billion, with the balance of trade firmly in Papua New Guinea’s favour.
This trade provides jobs across all of Papua New Guinea’s provinces, in businesses ranging from mining, manufacturing and infrastructure, to services such as banking and tourism.
Australia and Papua New Guinea are working together to expand opportunities for trade. At last year’s Pacific Islands Forum Leaders’ meeting, the region’s leaders highlighted the importance of greater regional economic and trade integration and agreed to develop a roadmap to negotiate a new trade agreement – known as PACER Plus.
Mr. Byrne emphasised that a key challenge for future PACER Plus negotiations is to ensure the agreement takes account of the individual circumstances in each country so that trade and economic opportunities can be maximised. Australia is assisting Papua New Guinea achieve this, by funding local research and by training Papua New Guinea officials.
“The Australian Government’s strong engagement with Papua New Guinea is based on a shared aspiration to see the country deliver on its enormous potential,” Mr. Byrne told the Business Forum.
ENDS.
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