PNG plans new trade policy
The Papua New Guinea government’s Department of Foreign Affairs, Immigration and Trade, is developing a new trade policy for the country which will set the framework for maximising local content and build small and medium size businesses – the backbone of almost every country’s economy.<!--more-->
According to the government, the aim of the policy is to empower local entrepreneurs and to promote economic growth through export, enhancing competitiveness in PNG exports, increasing market access and improving the investment climate in the country.
One of the most aspects of the policy is a conscious attempt to broad base the economy, developing sectors other than the natural resources sector on which the country heavily relies. It encourages investment in sectors like fishing, agriculture and tourism – for all of which the country has tremendous potential but has been overshadowed by the race for minerals and natural resources for much of the past decade.
The policy will also take a look at its tariffs vis-a-vis global and regional trade regimes like the World Trade Organisation and other agreements in and around the Pacific Islands.
This is the first time that the country has planned such a comprehensive overhaul of its trade policy.