Peru's Foreign Trade and Tourism Ministry (Mincetur) reported that the
Free Trade Agreement (FTA) signed between Peru and Australia will take effect in February next year, after both nations completed their internal legal procedures for its entry into force.
"The two countries have notified each other of the completion of all the procedures necessary for the FTA's entry into force. With this, the agreement shall enter into force in February 2020," said Edgar Vasquez, head of Mincetur.
Therefore, in order to achieve its entry into force, Australia had to notify of the completion of its internal procedures, which occurred on December 13.
Vasquez provided details on the deadlines for the duty-free entry of all Peruvian products into Australian market.
"The entry into force of the FTA will allow 96% of
Peruvian products exported to Australia to enter duty-free from day one, while, for the rest of the products, tariffs will be eliminated in four years at the latest," he explained.
Products benefited with FTA
Peruvian products that will benefit from the implementation of the FTA include avocados, fresh grapes, blueberries, tangerines, asparagus,
prawns and frozen shrimps, cotton polo shirts and t-shirts, shirts, alpaca items, and natural dyes.
In addition, this commercial agreement will open up opportunities for service export companies and will attract further Australian investment to Peru.
(END) MDV/RMB/MVB
Published: 12/16/2019