by Delly Waigeno – EM TV News, Port Moresby
Papua New Guinea lacks the legal infrastructure needed to regulate trading and investment activities.
PNG’s APEC Senior Officials Meeting Representative, Ivan Pomaleu, said this today at the start of the 2015 United Nations Commission on International Trade Law (UNCITRAL) South Pacific Seminar in Port Moresby.
The seminar is focused on rule-based trade, a legal roadmap for the South Pacific.
The two-day UN Commission on International Trade Law (UNCITRAL) South Pacific Seminar was co-hosted by the UNCITRAL Regional Centre for Asia and the Pacific (RCAP), PNG Department of Justice and Attorney General and the Ministry of Justice of the Republic of Korea.
The seminar was a platform to talk about the importance of an improved legal framework in an increasingly economically interdependent world. A legal framework is important for the facilitation of international trade and investment.
PNG’s APEC Senior Officials Meeting Rep, Ivan Pomaleu, who is also Managing Director for Investment Promotion Authority, acknowledged that PNG lacked the legal infrastructure to regulate trade, which is vital for economic growth, especially for a developing economy.
With PNG now signing up to international conventions, Deputy Chief Justice, Sir Gibbs Salika, said it is important to have local, domestic laws partner with international conventions for effectiveness.
UNCITRAL plays an important role in developing that framework, offering solutions suitable to many different countries at different stages of economic development.
João Ribeiro, Head of UNCITRAL-RCAP, said business in aging economies have a challenge where older people consume less and save more. This affects their SMEs who then look to younger economies for trade. This will then have a huge impact on cross border trade.