In a recent update from Papua New Guinea’s Ministry of International Trade and Investment, it was revealed that delegates from Papua New Guinea and the United Arab Emirates met during the Annual Investment Meeting (AIM) Congress from 7 – 9 May, 2024.

Discussions centred on strengthening trade and economic relations between the two nations.

“The UAE private sector is interested in expanding and deepening the bilateral trade and investment opportunities between the UAE and Papua New Guinea (PNG), however, the UAE Trade Minister in our bilateral meeting said that trade and investment relationship between our two countries can only happen following the negotiation of four important agreements,” said Richard Maru, Minister for International Trade and Investment, PNG.

HE Dr. Thani bin Ahmed Al Zeyoudi, Foreign Trade of UAE, proposed that the two nations negotiate and formalise agreements regarding Investment Promotion and Protection Agreement (IPPA), Double Taxation Agreement, Air Services Agreement, and A Comprehensive Economic Partnership Agreement (CEPA).

Both Ministers agreed to work towards signing at least three agreements which are IPPA, the Double Tax Agreement, and the Air Services Agreement before December, 2024.

“Investment Promotion Authority (IPA) will work on the IPPA, International Revenue Commission (IRC) will work on the Double Tax Agreement, the Department of Transport and Civil Aviation will work on the Air Service Agreement between PNG and the UAE, and the Department of Foreign Affairs will play the coordinating role,” said Minister Maru.

“The UAE already has Comprehensive Economic Partnership Agreements with other countries like the Philippines and Malaysia and they are willing to share with us their template for us to use to begin the negotiations leading to the signing of the CEPA,” he added.

Finalisation, signing, and ratification by both countries would be required before the treaty could come into effect.

Any treaty will be the first between the two nations and can significantly boost business activity.