PNG Fisheries Minister Dr. Lino Signs Historic Trade Agreement with China
In a historic signing ceremony, Papua New Guinean businesses can now be able to export directly their 'live marine products' to the Chinese market.'
This was enabled through the signing of the Trade Protocol Agreement for the export of Live Marine Products to the Chinese market by Fisheries Minister Dr Lino Tom during the recent Government delegation visit to the Republic.
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| PNG Fisheries Minister Dr. Lino Signs Historic Trade Agreement with China |
Dr. Tom says, the particular agreements signed are the Protocol on inspection, quarantine, and veterinary sanitary requirements for wild marine fishing aquatic products and the Protocol on Quarantine and Hygiene Requirement for Edible Aquatic Animals.
He says, the Protocol on dead and/or frozen Marine products was signed two years ago and now some 78 nationally based companies are able to access this gigantic market directly without any middle-men in the other South-East Asian nations.
He says this essentially means, their profits can no longer be diluted and having direct access to a large market is a once in a lifetime opportunity for our people and the people must take full advantage of this market access by complying with the requirements agreed upon in this trade protocol agreement.
The Fisheries Minister also met with a potential investor, The Wehei Fishing Association with its joint-venture partners the Shandong Port Group and the Wehai Investment Group, who in 2019 - signed a letter of intent to invest $300 million US in the fisheries sector.
Due to COVID-19, these discussions were not progressed further since.
The Association has now expressed very strong intentions to invest in PNG and will be sending their team to do due diligence in the coming months.
NBC NEWS / PNG Today
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