Australia and Peru sign free trade agreement

Australia and Peru sign free trade agreement

Australia and Peru signed a new trade agreement [materials] Monday that will allow for greater access to beef, sugar, almonds and dairy products being sold within Peru.

The trade agreement was finalized last November and will go into affect 60 days it is ratified by the Congress of Peru and the Parliament of Australia.

The trade agreement has laid out terms of agreement between the countries for tariffs, telecommunications, investments, electronic commerce, intellectual property and other aspects of commerce. The agreement also eliminates most tariffs on Australian produce exports and many other goods within five years of the agreement’s enactment. The agreement between the two countries will allow Peru to recognize degrees from Australia, which will allow for professionals from Australia to have greater access to the job market in Peru. Peruvian students can also study in Australia and have their degree recognized in Peru.

This agreement comes after the finalization of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, Vietnam and New Zealand that will eliminate all tariffs on seafood, wine, sheep meat, cotton wool and manufactured goods between the participating countries.