The Peru-Australia Free Trade Agreement (PAFTA) will enter into force on 11 February 2020.
PAFTA will launch a new chapter in economic relations between Australia and Peru. This trade agreement provides Australian businesses a gateway to Latin America, strengthening our economic relationships within the region and helping facilitate value chains between Americas and Asia.
Peru has been one of the fastest growing economies in Latin America over the last decade. In 2018-19, Australia’s two-way trade with Peru was worth $656 million.
PAFTA enables Australian businesses to take advantage of this growing market and strengthens our economic relationships with Latin America.
By removing certain barriers to trade and investment, PAFTA makes doing business between our two countries easier. Under PAFTA, Australian exporters to Peru gain substantial new trade and investment opportunities. For example, Australian beef, sugar and dairy farmers obtain historic access to the Peruvian market. PAFTA also provides Australian service providers a more transparent and predictable operating environment in Peru, and a platform for both countries to increase the value of our bilateral services trade. Investment commitments in the agreement protect and enhance investment in both directions.
A guide has been prepared and explains how to determine whether goods that are imported to Australia are eligible for preferential rates of customs duty under the PAFTA in accordance with the Customs Act 1901 and the PAFTA rules of origin. The Guide to Origin advice referred to in the document can be found HERE.
Source: Freight and Trade Alliance & dfat.gov.au
Previous news on the PAFTA can be found here.