The governments of Papua New Guinea and Australia on Tuesday 4 August 2020 signed the Papua New Guinea-Australia Comprehensive Strategic and Economic Partnership (CSEP).
This Partnership brings in a new phase of our important longstanding bilateral relationship. Building on the close connections between our people, institutions and communities, it commits our nations to the elevation of strategic and economic cooperation.
Papua New Guinea and Australia entered into the CSEP at a time when the mutual value of our friendship has been clearly demonstrated through shared responses to natural disasters and a global pandemic, and the impacts these have had on our communities and economies.
The CSEP sets outs our joint bilateral, regional and global objectives under six pillars: security cooperation; increasing trade and investment opportunities and promoting economic growth; governance; people-to-people and institutional links; social and human development; and regional and multilateral cooperation.
Key commitments under these pillars include:
- Security: negotiating a Bilateral Security Treaty, which will provide a framework for our existing cooperation and its future expansion and send a clear signal of the enduring bond between PNG and Australia.
- Investment: reviewing and modernising the Australia-Papua New Guinea Bilateral Investment Treaty (1990) which will provide greater certainty for Australian and PNG companies doing business in PNG and Australia and encourage new investment.
- Trade: developing a bilateral trade framework which will result in better market access and improved trade arrangements.
- Infrastructure: increasing investment in critical economic infrastructure, including through the Australian Infrastructure Financing Facility for the Pacific (AIFFP) and the Papua New Guinea Electrification Partnership. These investments will improve lives and assist economic growth across PNG.
PNG and Australia will develop an Action Plan to help implement the commitments and objectives set out in the CSEP.