Andina

Peru-Australia celebrate PAFTA entry into force

00:00 | Canberra (Australia), Feb. 13.

The Peru-Australia Free Trade Agreement (PAFTA) entered into force on February 11. Thus, a ceremony —organized by the Department of Foreign Affairs and Trade of Australia (DFAT)— was held at the headquarters of the Old Parliament House in Canberra on Wednesday.

Cathy Raper, who serves as First Assistant Secretary for the Europe and Latin America Division at the DFAT, stressed that the entry into force of PAFTA marks a great moment in the relations uniting the two nations.

Likewise, the official affirmed that this is not only an important step for governance, but also for boosting business opportunities to benefit both countries' companies and markets.

Furthermore, she noted that the PAFTA will help Australia strengthen ties with Latin America.

Moreover, Raper said Australians can take advantage of the PAFTA benefits and establish greater commercial relations with companies in Peru and the rest of the region.

According to the dignitary, this treaty makes Australia diversify its markets while creating the opportunity for Peru to expand its influence in the Asia-Pacific zone.

She went on to add that Peru offers Australia an access point to the various markets in Latin America.

For his part, Peruvian Ambassador to Australia Miguel Palomino de la Gala stressed that both nations have signed the PAFTA because they share common interests. As example, he mentioned that the two countries are democracies and promote economic, social, as well as political freedoms.

Over 40 people attended the event, including senior Australian Government officials, Peruvian Foreign Affairs Ministry officials, and Latin American diplomatic corps members.

Background

The FTA was signed on February 12, 2018, in Canberra (Australia) and 
ratified by the Peruvian side on February 22, 2019.

It established that 96% of Peruvian products would enter the Australian market tariff-free from the first day in force, whereas the remaining 4% would do so in a gradual process over a maximum period of four years.

The PAFTA contains chapters specially focused on small and medium-sized enterprises (SMEs) and provides them with development opportunities.

(END) NDP/MVB

Published: 2/13/2020