| Brief Introduction to China-Papua New Guinea Bilateral Trade Relationship |
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| 2008-07-25 13:35 mofcom |
1. Bilateral Trade
According to the statistics from China Customs, the bilateral trade volume between China and Papua New Guinea reached USD680m in 2007, up by 31.4% year-on-year, among which, the export to Papua New Guinea from China totaled USD210m, up by 68.2% year-on-year, and the import from Papua New Guinea by China totaled USD470m, up by 19.5% year-on-year. From Jan. to May in 2008, the bilateral trade volume between China and Papua New Guinea reached USD430m, up by 38% year-on-year, among which, the export to Papua New Guinea from China totaled USD120m, up by 74% year-on-year, and the import from Papua New Guinea by China totaled USD310m, up by 28% year-on-year.
The exports to Papua New Guinea from China are mainly mechanical and electrical products, rice and steels. The imports from Papua New Guinea by China are mainly logs, palm oil and sawn timbers.
2. China’s Investment in Papua New Guinea
By the end of 2007, China’s non-financial direct investment in Papua New Guinea totaled USD260m accumulatively. The Ramu nickel and cobalt project jointly developed by the MCC who invested USD1.3b and Papua New Guinea is the largest investment in island countries of the Pacific Ocean so far.
3. Economic and Technical Cooperation
By the end of 2007, Chinese enterprises have accumulatively concluded contracts on contracting of project, labor cooperation and design consultation valued USD1.36b with Papua New Guinean enterprises and realized USD600m turnover.
4. Major Economic and Trade Agreements between Chinese and Papua New Guinean Governments
April, 1991 Agreement on Investment Protection
June, 1994 Agreement on Avoidance of Double Taxation
July, 1996 Intergovernmental Trade Agreement
July, 1996 MOU on Cooperation in Fishery
November, 2007 MOU on Chinese Tourist Groups’ Visit to Papua New Guinea |
