Peruvian Foreign Affairs Minister Edgar Vasquez on Tuesday highlighted the entry into force of the Free Trade Agreement (FTA) between Peru and Australia —an agreement that will bring significant benefits to the South American country,
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Thanks to the entry into force of the FTA with Australia, Peru is moving forward in its wish to position itself strategically in the international context, particularly in the Asia-Pacific region. This FTA expands the network of trade agreements that our country has (already signed), generating greater opportunities for foreign trade," he expressed.
The minister recalled that —in February 2018— Peru and Australia signed the trade agreement after six months of negotiations, which evidenced both countries' interest in integrating their markets.
According to the diplomat, the
PAFTA will grant Australian exporters better access to one of the most successful economies in Latin America.
Benefits
Minister Vasquez affirmed that the FTA with Australia is one of the "most ambitious" trade agreements, with respect to the coverage that has been achieved for Peruvian products.
Concerning the remaining 4% of exports, tariffs will be eliminated within four years. In this last group are products such as bamboo, and some goods from the sectors: chemical, footwear, metal-mechanic, as well as industrial machinery.
Regarding services, the Mincetur head said this agreement establishes an unrestricted framework for exports of services, such as those related to mining, manufacturing, education, and software design, among others.