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New Free Trade Deal Signed By Australia, Peru

by Mary Swire, Tax-News.com, Hong Kong

14 November 2017


The Australian Chamber of Commerce and Industry has welcomed the agreement of a new free trade agreement between Australia and Peru.

The Peru-Australia Free Trade Agreement (PAFTA) was concluded on November 10. PAFTA will eliminate 99 percent of tariffs that Australian exporters face into Peru.

There will be immediate duty-free access for Australian sheep meat, most wine, and most horticulture products. Products such as sugar, dairy, rice, and sorghum will be given greater market access opportunities.

Reacting to the announcement, Australian Chamber Director of Trade and International Affairs Bryan Clark said: "Australian exporters in agriculture and the services sector will have improved access to the Peru market. Particularly pleasing is the inclusion of sugar and rice, which have not always been included."

The Chamber noted that the agreement was negotiated in just six months. Clark said that the Chamber understands that the agreement draws heavily on the original Trans-Pacific Partnership (TPP), which Australia and Peru were part of. He said that although the TPP did not proceed, PAFTA "demonstrates the benefits of using a standard model agreement."

Clark added that the Chamber hopes that a renegotiated TPP "does not contain significant variations that add to the 'noodle bowl' of complexity businesses must navigate when more than one agreement exists between two nations."

TAGS: business | export duty | tariffs | Australia | food | Peru | import duty | trade | services

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