Wednesday, 01 December 2021 07:36 GMT

Australia signs free trade deal with Peru


(MENAFN) The Australian and Peruvian governments have signed on Monday the Peru-Australia Free Trade Agreement (PAFTA).

The authorization of the agreement represents the end of months of work on both sides after negotiations opened in May 2017.

Based on the agreement, taxes on 99 percent of Australian goods exported to Peru will be eliminated within five years.

Australia will become one of Peru's biggest suppliers of sugar, exporting 90,000 tons to the country within 18 years; the equivalent of 30 percent of Peru's total sugar imports.

Australian Trade Minister said: "This elimination of tariffs will help Australian farmers, who have effectively been shut out of the market until now, grow their exports. The more they export, the more Australian jobs they will create."

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