Brussels, 30/07/2009 (Agence Europe) - On Thursday 30 July in London, the European Union and Papua New Guinea signed the interim Economic Partnership Agreement which was first initialled at the end of 2007 (also by Fiji) and has already been provisionally implemented by the EU since January 2008.
The agreement was signed by EU Trade Commissioner Catherine Ashton on behalf of the European Commission, Mr Anders Ahnlid, Director General for Trade, on behalf of the Swedish Presidency of the EU, and The Hon. Samuel Abal, Minister for Foreign Affairs, Trade and Immigration on behalf of Papua New Guinea. This gradual and asymmetrical liberalisation agreement is limited to trade in goods. Papua New Guinea removes customs duties on 88% and Fiji on 87% of their imports from the EU over the next 15 years. The European Commission stressed that the provisional agreement has already attracted investment into Papua New Guinea, especially in the Madang Marine Park. (A.N./transl.rh)