The Framework Agreement between Papua New Guinea (PNG) and the People’s Republic of China has been finalized and the signing is to take place very soon.

The Minister for International Trade and Investment, Richard Maru made the confirmation announcement today in Port Moresby city. He said the Framework Agreement is to enhance economic partnership between PNG and China.

The finalization comes almost a week after Prime Minister James Marape’s recent official visit to China.

“The two sides had an in-depth exchange of views and agreed to strengthen and elevate China – PNG economic and trade relations. The Framework Agreement is now ready for signing next week by myself and the Minister for Commerce of the People’s Republic of China on the margins of the Asia - Pacific Economic Cooperation (APEC) Minister Responsible for Trade (MRT) Meeting in Suzhou, China.”

“After signing the Framework Agreement, we will commence negotiations for a Comprehensive Economic Partnership Agreement (CEPA) that will include various chapters including Economic Cooperation, Investment Facilitation, Trade in Goods, Trade in Services, Rules of Origin, SME Development, Technical Barriers to Trade, Customs Procedures and Trade Facilitation, Digital Trade, and others,” said Minister Maru.

“While we may have other bilateral agreement with other countries, China will remain the most important partner in the area of trade and investment. We want to seal that through a CEPA. This is a critical step the Marape-Rosso Government is taking in consistent with our new foreign policy Strategic Partnership for Security and Economic Prosperity,” he added.

On his way to attend the APEC MRT Meeting, Minister Maru will also be meeting with potential investors who expressed their interest to invest in PNG following the China-PNG Business Roundtable held on the margins of the Prime Minister’s recent visit to Guangdong Province.