Philippines, PNG to set up JETC

MANILA, Philippines — The Philippines and Papua New Guinea have agreed to set up a joint economic and trade committee  (JETC) to promote stronger ties, the Department of Trade and Industry (DTI) said.

Trade Secretary Ramon Lopez said in a Viber message to reporters, the DTI has entered into a memorandum of understanding (MOU) with the Ministry of Foreign Affairs of Papua New Guinea to establish a JETC. 

“The JETC sets up the mechanism that will enhance trade and economic relations with Papua New Guinea,” he said. 

The JETC will be co-chaired by a representative from the DTI and from Papua New Guinea’s National Trade Office.

Under the MOU, Lopez said both parties would exchange information on trade, investment, economic issues or concerns, relevant laws, regulations and policies. 

Both parties would also explore and identify sectors where cooperation may be expanded, and propose measures and recommendations for such. 

The parties are likewise tasked to recommend to their respective governments measures to help expand the trade and investment relations of the two countries. 

In addition, the parties would come up with cooperation projects and draft proposals for implementation. 

To address economic and trade issues of interest to both parties, the JETC would be responsible for organizing consultations and official visits through delegations or missions.

The JETC would likewise ensure proper coordination and immediately implement arrangements concluded under the MOU. 

In line with promoting trade links, the JETC will work and coordinate with relevant business associations from both countries.