Peru, Australia complete FTA negotiation

Photo: ANDINA/Prensa Presidencia

Photo: ANDINA/Prensa Presidencia

12:24 | Da Nang (Viet Nam), Nov. 10.

Peru's Foreign Trade and Tourism Minister Eduardo Ferreyros highlighted the soon-to-be-signed Free Trade Agreement (FTA) with Australia, saying it will provide important benefits to national exports.

After signing a Declaration of Intent to conclude negotiations between the two countries [in Viet Nam], Ferreyros anticipated 95% of Peru's trade with Australia will be free of duty by the time the deal enters into force.

"This creates endless opportunities for Peruvian exporters within a market in which GDP per capita is nearly US$50,000. It should be noted Australia buys nearly US$200 billion worth of goods per year," Ferreyros stated.

Peruvian products with the highest export potential, once they gain tariff-free entry into Australia, are avocados, fresh grapes, blueberries, tangerines, cotton t-shirts, shirts, frozen shrimps and prawns, cuttlefish and animal feed.

Other products include chemical inputs, construction equipment, as well as iron, steel and zinc manufactures, among others. 


The FTA with Australia will be broad, he said, as it includes mechanisms to enhance healthcare procedures and boost services trade; plus, it includes a framework to get both countries' small and medium-sized enterprises (SMEs) involved.

The conclusion of negotiations was disclosed by Peru's President Pedro Pablo Kuczynski and Australia's Prime Minister Malcolm Turnbull, as they inked a Joint Declaration along with Ferreyros and Australian Trade, Tourism and Investment Minister Steven Ciobo.

The meeting was held on the sidelines of the 25th Asia-Pacific Economic Cooperation (APEC) Summit in Da Nang city, Viet Nam.

The launch of negotiations towards a high quality, ambitious and comprehensive free trade agreement (FTA) was announced by Ferreyros and Ciobo in May earlier this year.

Published: 11/10/2017