Australia and Peru have finalised a comprehensive trade agreement that will generate exports, income and jobs.
The conclusion of the Peru-Australia Free Trade Agreement (PAFTA) creates new opportunities for Australian exporters in one of the fastest growing economies and regions in the world.
Our businesses, farmers and families are the big winners. The equation is simple: more trade means more exports; more exports means more jobs, higher wages and better incomes.
PAFTA delivers huge wins for Australian businesses with market access outcomes that go well beyond the Trans-Pacific Partnership (TPP) Agreement.
Australian farmers, effectively shut out of the market until now, will have the opportunity to compete on a level playing field.
PAFTA will eliminate 99 per cent of tariffs that Australian exporters face into Peru.
Sugar, dairy, rice and sorghum farmers will enjoy historic market access opportunities.
Australia’s sugar market access is more than any other sugar exporting country has achieved in the last twenty years and equivalent to roughly 30 per cent of Peru’s sugar imports.
Peruvian supermarkets are already asking about getting Aussie beef on their shelves - this agreement will help that happen sooner.
There will be immediate duty free access for Australian sheep meat, most wine and most horticulture products including almonds, kangaroo meat and wheat.
Australia has secured the best services commitments Peru has ever offered.
Peru will recognise Australian degrees, helping Australian universities attract more Peruvian students to study in Australia.
This is fastest trade agreement Australia has ever concluded after negotiations were launched in May earlier this year.