PH , PNG to form joint trade, economic body

THE Department of Trade and Industry (DTI) and Papua New Guinea’s (PNG) Ministry of Foreign Affairs have signed a Memorandum of Understanding for the establishment of the Joint Economic and Trade Committee ( JETC).

DTI Secretary Ramon Lopez yesterday said the MOU between the Philippines and the independent state of PNG was signed on Nov. 17, 2018.

“The JETC sets up the mechanism that will enhance [Philippine] trade and economic relations with the PNG,” said Lopez.

The committee will also facilitate exchange of information on trade, investment, economic issues/ concerns, relevant laws, regulations and policies.

Likewise, it will explore and identify sectors where cooperation may be expanded and intensified, propose measures and recommendations to the two governments to expand and diversify trade, investment and other related matters.

Lopez said the JETC will also identify possible cooperative projects and draft proposals for implementation as well as organize consultations and official visits through delegations or missions to deal with specific economic and trade issues of interest to both participants.

“It will also ensure proper coordination and expeditious implementation of arrangements concluded under this MOU and enhance cooperation with relevant business associations,” said Lopez.

He said the JETC will be co- chaired by each of the two government’s representatives from their respective trade offices.

ANNA LEAH E. GONZALES