Australian Minister for Trade, Tourism and Investment Steven Ciobo on Wednesday expressed his hopes to reach a bilateral free trade agreement (FTA) with Peru by the end of the year.
"I would hope that we might be in the position to reach an agreement around the
end of the year, but we've got to make headway and see what our progress is actually like," Minister Ciobo said during a press conference to launch Peru-Australia FTA negotiations.
In this sense, the government official highlighted both countries have had experience negotiating together, "so we're both optimistic we can do it fairly efficiently and effectively."
Such expectations were shared by Peru's Foreign Trade and Tourism Minister Eduardo Ferreyros.
According to a transcript by Minister Ciobo's website, Minister Ferreyros reiterated both countries "are going to have a comprehensive and a high-quality agreement."
"And I think it is possible to have an agreement at the end of the year and I hope that happens," Ferreyros estimated.
To this end, both Pacific nations will begin FTA negotiations in July, with the first round behind held in Lima, Peru's Deputy Foreign Trade Minister Edgar Vasquez revealed.
Goods and services
On the other hand, Ferreyros also noted the agreement will facilitate not only two-way trade of goods, but also of services and investments.
"I think this agreement, as comprehensive as it is, is not only about trading goods, but it's on trade on services, it's about investment."
In this sense, he underlined opportunities in the infrastructure sector.
"I was yesterday in Melbourne, participating in an infrastructure forum. We need infrastructure. We need technology that Australia can work with us," he stressed.
In a release by Peru's Foreign Trade and Tourism Ministry, Ferreyros had also noted the FTA would seek ambitious results in "services related to mining and manufacturing."
In addition, expectations included "a major liberalization in terms of professional services, especially in law, architecture, engineering and design."
(END) NDP/DHT/MVB