JOINT PRESS STATEMENT ON THE OCCASION OF THE SIGNING OF THE MEMORANDUM OF UNDERSTANDING ON THE ESTABLISHMENT OF A JOINT ECONOMIC AND TRADE COMMITTEE BETWEEN THE REPUBLIC OF THE PHILIPPINES AND THE INDEPENDENT STATE OF PAPUA NEW GUINEA
17 November 2018, International Convention Centre, Port Moresby

Honourable Ramon M. Lopez, Secretary for the Department of Trade and Industry of the Philippines and Honourable Rimbink Pato, Minister for Foreign Affairs of PNG signed the Memorandum of Understanding on the Establishment of a Joint Economic and Trade Committee, or JETC, on behalf of the Philippines and Papua New Guinea governments.

The signing of the JETC is a milestone achievement for both economies and represents the first initiative to formally engage bilaterally on economic, trade and investment issues.

PNG and the Philippines are both developing member economies of APEC. Apart from continuing close cooperation at the multilateral level, both economies see great potential in enhancing relations at the bilateral level. Building on the long established friendly and cordial relations, the JETC will encourage more mutually beneficial exchanges and cooperation to further deepen existing relations and trade and investment linkages.

The JETC will be a platform to discuss areas of mutual interests and to broaden and intensify cooperation between both economies. Cooperation activities include exchange of information, participation in trade and investment-related activities and promotion of economic cooperation between bodies such as government institutions, professional organizations, business federations, and chambers of commerce and industry.♦

Date of release: 19 November 2018