Post Courier | 7 August 2020
PNG-Aust sign strategic economic partnership
The partnership brings in a new phase of the countries important long-standing bilateral relationship, which builds on the close connections between their people, institutions and communities, it commits either nation to the elevation of strategic and economic cooperation.
Papua New Guinea and Australia have entered into the partnership at a time when the mutual value their friendship has been demonstrated through shared responses to natural disasters and a global pandemic, and the impacts those have had on their communities and economies.
The agreement sets out joint bilateral, regional and global objectives under six pillars:
- Security cooperation;
- Increasing trade and investment opportunities promoting economic growth;
- People-to-people and institutional links;
- Social and human development; and,
- Regional and multilateral cooperation.
Key commitments under these pillars include:
- Security: negotiating a Bilateral Security Treaty, which will provide a framework for our existing cooperation and its future expansion and send a clear signal of the enduring bond between PNG and Australia.
- Investment: reviewing and modernising the Australia-Papua New Guinea bilateral investment treaty (1990) which will provide greater certainty for Australian and PNG companies doing business in PNG and Australia and encourage new investment.
- Trade: developing a bilateral trade framework which will result in better market access and improved trade arrangements.
- Infrastructure: increasing investment in critical economic infrastructure, including through the Australian infrastructure !nancing facility for the Paci!c (AIFFP) and the Papua New Guinea electri!cation part- nership. These investments will improve lives and assist economic growth across PNG.
PNG and Australia will develop an action plan to help implement the commitments and objectives set out in the CSEP.
Australia welcomed the opportunity to usher in a new era of partnership with PNG.