Last Tuesday, Peruvian Foreign Affairs Minister Edgar Vasquez 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, such as the tariff-free entry of 96% of Peruvian products to the Australian market.
"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," Vasquez 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.
Australian Ambassador to Peru, Diana Nelson, welcomed the entry into force of the PAFTA and said that this fact marks a new stage in the commercial relationship with Peru. She said 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. "This way, 96% of our exports to Australia will be tariff-free from the entry into force of the FTA. Among the products that will benefit the most are avocados, fresh grapes, blueberries, tangerines, cotton shirts and T-shirts, cuttlefish, shrimp and frozen prawns, among others," he told andina.pe.