Australia, Peru Sign Free Trade Agreement
by Mary Swire, Tax-News.com, Hong Kong
14 February 2018
Australia and Peru have signed a free trade agreement (PAFTA) that will eliminate tariffs on 99 percent of Australian goods within five years of its entry into force.
The agreement was signed on February 12. Negotiations were launched in May 2017, making PAFTA the fastest trade agreement that Australia has successfully concluded. The Australian Government said that PAFTA will deliver market access that goes beyond the recently revived Trans-Pacific Partnership Agreement.
Australian exports of sugar, dairy, rice, sorghum, sheep meat, wine, kangaroo, almonds, pharmaceuticals, medical devices, paper products, and machinery will all have immediate tariff-free access to the Peruvian market. Beef will be tariff free within five years.
According to a statement issued by Australian Trade Minister Steven Ciobo, "PAFTA will serve as a gateway to Latin America, and to value chains between Asia and the Americas. It is also a stepping-stone to a trade agreement with the Pacific Alliance (Mexico, Colombia, Chile, and Peru)."
Ciobo told a press conference that both countries are "winners" in this agreement. He said that exporters will gain access to a new market and that importers will see cheaper import costs, with those involved in manufacturing and agriculture expected to benefit in particular. He is also hopeful that Australian service providers will feel the benefits of the agreement.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- I.T. is IT! »
- What Is a Registered Agent, and Why You Need a Registered Agent for Your Business? »
- Spring Cleaning? »
- Brexit and Covid and Tax, Oh My! »
- Why is the Hong Kong startup ecosystem growing rapidly? »
- Happy Holidays? »
- COVID Continues To Capture Headlines »
- Taxing The Zeroes And Ones »
- Value Added News... »
- Form a Wyoming Corporation - Guide »