A financial agreement was signed yesterday by the Government of Papua New Guinea and the European Union, to help finance the second phase of the Trade Related Assistance (T.R.A) program.
Building on the first edition of the T.R.A program, the second phase will also seek to promote more effective engagement with the private sector for sustainable development.
The financial agreement was signed by the Minister for National Planning and National Authorizing Officer, Charles Abel, and His Excellency Dr. Martin Dhim (D-I-M), Ambassador and Head of Delegation of European Union in PNG.
The project marked at 6 million Euros or approximately K18 million, will be implemented over four years. Emphasis was placed on strategic assets in oil and gas, mining, agriculture, fisheries and forestry sectors.
This project was initiated in line with the PNG Development strategic Plan 2010-2030, specifically to increase PNG’s capacity to benefit from international trade, leading to sustainable and inclusive economic development.
Minister Abel said that whilst there have been many changes globally, and in fundamental ways over the last decades, maximizing the contribution that trade can make to sustainable development is important to our economy.
Minster for Trade, Commerce and Industry, Richard Maru said the program will also be instrumental to assist in reaping the benefits of the PNG-EU trade agreements, including the interim Economic Partnership Agreement (I.E.P.A) and the Cotonue Agreement.
He further highlighted that PNG was the only Pacific island country that has signed and ratified the Interim Economic Partnership with the European Union.
The Trade Related Assistance to PNG project will be supervised by the Department of National Planning and Monitoring, and implemented by the Trade Division of the Department of Trade, Commerce and Industry.
The second phase of the project will start this year and end in 2017.
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