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Maru: Carbon Trade Opportunity High

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International Trade and Investment Minister Richard Maru says leading APEC economies are all talking about carbon trade.

He says this is one area that Papua New Guinea must tap into.

“Almost all the top leading economies have mentioned the intention to find ways and expand into the trading of carbon as green revolution is an agenda during the summit in Thailand”, said Minister Maru.

Minister Maru said Papua New Guinea boasts a huge abundance of carbon and trading will be of importance.

“We must not let this opportunity come and go. We must further talk with other APEC nations to finalize agreements and a way forward,” said Maru.

He said not just carbon trading but also to find alternate ways to sustain and replace the carbon that is taken out of our forests and land.

Minister Maru said the APEC Summit in Bangkok has opened more conversation for Papua New Guinea to trade with other APEC nations.

The Trade and Investment Minister said now is the time for PNG to rise and be an active economy in the region.

Meanwhile, Minister Maru said the Association of Southeast Asian Nations (ASEAN) has offered to assist Papua New Guinea with capacity building in the area of international trade based on its vast experience in developing the ASEAN Trade Free Area within its Member States.

This follows Minister Maru’s meeting with the Secretary-General of ASEAN, Dato Lim Jock Hoi during the APEC Meetings.

“ASEAN has offered to run a five-day workshop on Free Trade Agreement negotiations in Port Moresby early next year,” said Minister Maru.

Maru added that ASEAN will especially train PNG staff in the negotiation of each of the three chapters of the Trade Agreement- trade in goods, trade in services, and investments.

They will also include recent developments in green growth and the provision of technical assistance, he added.

“This is a key part of our strategy for PNG to develop our capacity to enter into trade negotiations with ASEAN member states like Indonesia and the Philippines, and even China,” said Minister Maru.

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Foreign Trade

PNG Looks East for Investments

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International Trade and Investment Minister, Richard Maru, has described his recent ventures overseas as very successful after meeting potential investors in Japan, Singapore and the Philippines.

In Japan, Minister Maru met with Dr Shoichi Kobayashi, the CEO and Chairman of Japan Development Institute (JDI), one of Japan’s biggest industrial development agencies.

JDI has helped developed Special Economic Zones (SEZ) in 70 countries, including China, Indonesia and the Philippines and has shown interest in developing an SEZ Master Plan for PNG.

“All over the world, SEZ developments have either failed or have been very successful,”

“So, getting the expertise of JDI at the infant stages of our SEZ developments is very critical to ensure we develop our planned SEZs,” Minister Maru said.

A team from JDI is expected to arrive by the end of the month for a 10-day trip around the country to begin work on the proposed Master Plan.

Minister Maru also met with Singapore’s Trade and Industry Minister Kim Yong Gan where they discussed the possibilities of creating PNG’s 1st ever Trade Agreement with Singapore. A proposed Trade Fair was also in discussion.

“We want the ASEAN member states to be the heart and soul of our future in terms of trade and investment because Asia is where the growth and future I and we need to be located right in the heart of Asia, which is Singapore,” Minister Maru said.

In the Philippines, Minister Maru met with Alfredo Pascal, the Secretary for the Department of Trade and Industry. Creating a formalized trade link between the two countries was discussed.

Downstream processing and commercial rice farming were also discussed with Minister Maru meeting three potential large-scale rice farming companies.

“PNG needs to identify up to 90,000 hectares of land to grow rice in order to produce the rice to feed our own population and to export the surplus back to the Philippines,”

“We will be working very closely with the Central Province Governor to assist us in identifying land in Central Province to grow rice on a large scale,” Maru said.

Talks on supplying LNG to the Philippines and downstream processing of crude coconut oil were also discussed.

“All in all, Japan, Singapore and the Philippines are ready to step up in their relationships with us in terms of trade and investment. Our plans to establish Trade Missions in these countries will go a long way in enhancing this relationship,” Minister Maru said.

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