Australia and Peru have announced the conclusion of free trade agreement (FTA) negotiations. According to negotiators, a key rationale behind the FTA is to better leverage Australian mining investment in Peru and create opportunities for the METS sector.
Austmine CEO Christine Gibbs Stewart said the Peru-Australia Free Trade Agreement (PAFTA) would lock in tariffs on key Australian minerals, petroleum and LNG exports at zero. She said PAFTA would also create new opportunities for Australian miners and oil and gas companies to find and develop reserves in the region.
“METS companies and oil field goods and services will also stand to benefit considerably from PAFTA, which will facilitate the expansion of exports. Mining equipment is Australia’s top export to Peru and is valued at around $54 million,” she said.
A more detailed analysis from Christine Gibbs Stewart here.