Minister for Trade, Commerce and Industry Richard Maru will attend the inaugural Commonwealth Trade Ministers Meeting from March 9-10 in London, United Kingdom.
The Ministers Meeting will discuss areas where the Commonwealth can work together to strengthen trade and investment links between member countries and develop a policy agenda ahead of the 2018 Commonwealth Heads of Government Meeting.
Maru said Commonwealth countries are currently seeking to establish new trading relationships at a time of stagnating global trade and increasing protectionism sentiments.
With a population of 2.3 billion, a combined economy of more than US$10 trillion and annual GDP growth in excess of 4%, the Commonwealth provides a unique platform for achieving these aims.
He said work have already started to secure a bilateral meeting with the UK’s Trade Minister Greg Hands to discuss a number of issues and in particular ‘Brexit’ and its implications on PNG.
“I am aware that the exit of the UK from the EU will not be immediate but take place after 2 years, however, this initial meeting with the British Trade Minister will provide an indication as to the possible arrangements that might need to be considered in the future to securing PNG’s interests with the UK,” Maru said.
In terms of bilateral trade, over the last 10 years PNG had maintained a trade surplus with the UK. In 2015, PNG exports stood at K288.51 million and imports at K105.48 million, resulting in a trade surplus of K183.03 million.
The UK mainly imports agricultural products from PNG such as palm oil, copra, coffee, cocoa, tea, vanilla and palm kernel oil.
Other significant products include sawn timber and canned tuna. PNG mainly imports machinery and mechanical appliance, articles of iron or steel and printed books among others from the UK.