The level of investment that the People’s Republic of China has in PNG, has increased over the last few years, to a trading value of K3.9 billion.
This increase has resulted in a huge trade imbalance, with China dominating trade into PNG and PNG faced with stringent import policies, unable to reciprocate.
However, at the 27th APEC Trade Ministers Meeting in China this week, Trade Commerce and Industry Minister, Richard Maru, held talks with his Chinese counterpart to reduce the current trade imbalance.
Trade Commerce Minister Richard Maru revealed that the imbalance is partly attributed to China’s application of stringent measures in importing. This has made PNG products difficult to enter the Chinese market.
However, Minister Maru proposed a trade and investment agreement with China to give special access to PNG products for fisheries and agriculture goods. He said this would help PNG assist in achieving some of its development objectives.
Mr. Maru has invited counterpart Minister Gao Hucheng to visit PNG and observe the challenges and opportunities the country face.
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