Andina

Peru, Australia sign FTA


Photo: EFE

10:53 | Sydney (Australia), Feb. 12.

The governments of Peru and Australia inked a Free Trade Agreement (FTA) Monday as a result of a negotiation process that took place in recent months.

Peru's Foreign Trade and Tourism Minister Eduardo Ferreyros said this FTA is the most ambitious bilateral agreement the Inca country has ever reached.

The signing ceremony was held at the Australian Parliament House situated in Canberra.

The document was signed by Minister Ferreyros (Peru) as well as Australia's Trade, Tourism and Investment Minister Steven Ciobo.

"This deal will bring us even closer to one of the most important markets in the Asia-Pacific region whose inhabitants have a high purchasing power. I’m sure the deal will provide great opportunities for our goods and services exporters," Ferreyros was quoted as saying.

He went on to say more than 96% of Peruvian shipments will enter Australia free of tariffs once it [the FTA] enters into force, and nearly all products will do so in the fourth year of its implementation.

Bilateral trade

Australia has a significant development in mining technology as well as in service providers. 

For this reason, Australian investors may be interested in making partnerships in Peru, allowing business clusters in fields such as services and mining technology, Deputy Foreign Trade Minister Edgar Vasquez said in earlier statements.

"The Australian market is interesting to the Peruvian agro-industry and alpaca textiles, as well as to some industrial products in the plastics and chemicals sector, which could have the potential to enter this market," he remarked at that time.

(END) CAN/RMB

Published: 2/12/2018