PNG to sign four trade agreements with UAE before December 2024

Minister for International Trade and Investment Richard Maru and UAE Minister for Foreign Trade His Excellency Dr. Thani bin Ahmed Al Zeyoudi during bilateral. Supplied-MITI

The Minister for International Trade and Investment, Richard Maru, has announced that four agreements with the United Arab Emirates (UAE) are set to be signed before the end of this year.

This announcement comes after a bilateral meeting held between Minister Maru and UAE Minister for Foreign Trade His Excellency Dr. Thani bin Ahmed Al Zeyoudi on the sidelines of the Annual Investment Meeting (AIM) Congress, in Abu Dhabi, UAE from May 7-9, 2024.

During the meeting, Dr. Zeyoudi proposed negotiating and formalizing an Investment Promotion and Protection Agreement (IPPA), a Double Taxation Agreement, an Air Services Agreement, and a Comprehensive Economic Partnership Agreement (CEPA) between PNG and the UAE.

Minister Maru confirmed that the Investment Promotion Authority (IPA), International Revenue Commission (IRC), Department of Transport and Civil Aviation, and Department of Foreign Affairs will work on these agreements.

Minister Maru highlighted the importance of these agreements in attracting UAE investments, particularly in the non-extractive sector.

He also emphasized that the exchange of drafts and signing of these agreements before the end of the year is critical for the 22 UAE companies who have registered their interest in investing in PNG and trading with PNG.

Upon the formalization of the proposed agreements, Dr. Zeyoudi has expressed his willingness to lead a delegation of private sector representatives to PNG.

Minister Maru has also called on the Department of Foreign Affairs to take the lead in coordinating with the relevant agencies to ensure the agreements are negotiated and formalized before the end of the year.