Australia and Peru have signed the Peru-Australia Free Trade Agreement (PAFTA), opening the door for Mid North Coast exports to one of the fastest growing economies and regions in the world.
Nationals Member for Cowper, Luke Hartsuyker, said PAFTA will eliminate tariffs on 99 per cent of Australian goods and delivers historic access for Australian services.
“Peru is one of the fastest growing economies in the world – this agreement gives Mid North Coast businesses the opportunity to share in the growth,” Mr Hartsuyker said.
“It will help create new local jobs and drive economic growth as it delivers potential benefits for Mid North Coast exporters.”
Mr Hartsuyker said the elimination of tariffs will help Mid North Coast farmers, who have effectively been shut out of the market until now.
“Our farmers for the first time will have preferential access as PAFTA brings tariffs down and levels the playing field,” Mr Hartsuyker said.
“The access we’ve secured for Australian sugar, an unprecedented 90,000 tonnes, is more than any other sugar exporting country has achieved into Peru in the last 20 years and is equivalent to roughly 30 per cent of Peru’s sugar import.
“Our beef farmers will have tariff free access within five years, putting them on par with US beef farmers. Supermarkets in Peru are already asking about putting Aussie beef on their shelves.”
Education is Australia’s third largest export, and as one of our most ambitious trade agreements for services, PAFTA will create new opportunities for the education sector. As part of PAFTA, Peru will recognise Australian degrees, helping Australian universities attract more Peruvian students to study in Australia.
Mr Hartsuyker said there were real opportunities for Mid North Coast education providers to tap into this new market.
“Mid North Coast universities like Charles Sturt University, Southern Cross University and Newcastle University will be able to tap into the new Peruvian market and attract new international students,” Mr Hartsuyker said.
PAFTA also delivers greater access for Australian financial, legal and other professional service operators, such as those that supply mining-related and oilfield services in Peru.
Mr Hartsuyker said PAFTA builds on the trade agreements the Coalition has delivered with China, Japan and Korea.
“The Coalition Government is pursuing an ambitious trade agenda and more trade agreements to create more export opportunities for Mid North Coast businesses.”