Australia hosts high-level talks with Papua New Guinea

Australian Foreign Minister Julie Bishop on Wednesday co-hosted the 22nd Australia-Papua New Guinea (PNG) Ministerial Forum with PNG Minister for Foreign Affairs and Immigration Rimbink Pato, aiming for expanded trade and investment opportunities.

Seventeen ministers from Australia and PNG attended the Forum held at the Parliament House in Canberra.

"The Australia-PNG relationship is one of this government's highest foreign policy priorities. Australia and PNG enjoy a special relationship -- one of mutual affection, shared history, shared geography and shared interests," a press release by the Department of Foreign Affairs and Trade (DFAT) said.

"The forum was an opportunity to broaden, deepen and diversify our relationship with PNG, reflecting the rapid changes occurring within our nearest neighbor and basing it on an economic and strategic partnership."

Both countries have decided to establish an Australia-PNG Network to encourage stronger ties between businesses and create an online space for collaboration.

To bolster economic confidence in PNG, Australia will soon deploy an additional 20 Australian Federal Police officers to join the 30 currently working alongside the Royal PNG Constabulary.

Australia undertook to support PNG's establishment of a Sovereign Wealth Fund to ensure the economic gains from the resources sector translate to real outcomes for the people of PNG.

Bishop expressed her hope that PNG would be involved in the New Colombo Plan, announced Tuesday, in coming years.

Bishop reaffirmed her commitment to visiting Papua New Guinea early in 2014, which would be an opportunity to sign an economic cooperation treaty to reflect the contemporary nature of the relationship.