The Minister for International Trade and Investment, Richard Maru is backing the Defence Cooperation Agreement (DCA) signed between the United States (US) and Papua New Guinea (PNG), citing its benefits for trade and investment between the two countries.
“Papua New Guinea’s commercial interest is not being compromised by the Defence Cooperation Agreement (DCA) and it will not affect trade and investment of our country as far as I am concerned,” said the minister.
Minister Maru said this in his statement in parliament this week during the debating of DCA between PNG and the US.
“There is no need to talk about unnecessary fear about DCA stopping PNG from trading with other countries like China because the biggest trading partners of China are two of America’s strongest allies- Australia and New Zealand. China is their biggest trading partner whilst knowing that they are the strongest allies to the US,” he said.
“There is no need for fear as DCA will not affect trade and investment of our country; it will elevate the USA-PNG bilateral relations to one of confidence and trust in all aspects of our relationship including our bilateral trade and investment relationships,” said Minister Maru.
Minister Maru also clarified that what was signed was only a framework agreement and there were no details in terms of the cooperation.
“We are making so much fuss over a framework agreement. The details of the agreement are yet to come. Once we have the details that is when we should really talk,” said Minister Maru.
Minister Maru also stated that apart from the DCA, the two countries should also enter into a Bilateral Trade and Investment Framework Agreement to further PNG-US bilateral trade and investment relations.
“US at the moment is a big investor in our oil and gas industry through the Exxon Mobil and will soon invest in a big mining project in PNG- the Wafi-Golpu Mine. Through the Bilateral Trade and Investment Framework Agreement, the US can consider investing in the Special Economic Zones (SEZs) that our government is championing,” said Minister Maru.
“This is the sort of discussions we need to have at the same time as we are negotiating the details of the future DCA which will be enhanced after the signing of the agreement.”
Minister Maru commended the Prime Minister, the Defence Minister, and the team behind the DCA.