The benefits of the Trans Pacific Partnership (TPP) and the value chains between Asia and the Americas are now open to Australian exporters through Peru’s powerhouse economy. Hosting Peru’s very own Minister of Foreign Trade and Tourism, Mr Eduardo Ferreyros, in Parliament this week, the Government signed the Peru-Australia Free Trade Agreement (PAFTA) on Monday?—?the fastest FTA to date. Presenting an exciting opportunity for Australian exporters of diary, rice, sorghum, sheep meat, wine, kangaroo, almonds, pharmaceuticals, medical devices, paper products and machinery, all of these products will have immediate tariff free access. Beef exports will also be tariff free within five years. While liquefied natural gas, iron, steel and aluminium are already exported duty-free, PAFTA secures immediate elimination of tariffs on base metals (iron ore, copper and nickel) and coal.
Securing an unprecedented 90,000 tonnes of sugar for export, the most any other exporting country has achieved in Peru in two decades, Australia’s sugar market will now comprise 30 per cent of Peru’s imports. With an average GDP growth from 2005 to 2015 of 5.9 per cent, two-way trade between our countries is sure to grow.
The Agreement also places the Australian market one step closer to the Pacific Alliance (Mexico, Colombia, Chile and Peru).
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