Local mining industry benefit from FTA: Peru
Australia’s mining and mining services sectors stand to benefit from the proposed Peru-Australia Free Trade Agreement launched by both countries’ governments last week.
There are already distinct synergies between the two countries’ mining industries.
Australia’s largest exports to Peru include metals products, minerals additives and specialised mining equipment and machinery including vehicles and technical instruments while Peru’s top imports to Australia also include minerals and mining equipment and inputs.
A high-quality free trade agreement has the potential to lift the economic relationship between our two countries to a new level by delivering further market access openings and improved two-way investment flows.
Australian mining equipment, technology and services (METS) firms, in particular, would benefit from a free trade agreement that significantly reduces barriers to trade in services.
With mining and METS accounting for 15 per cent of Australia’s GDP and supporting more than 1.1 million jobs, opening up new export markets for the sector will be good news for Australia’s economy, living standards and job opportunities.
Peru’s role as a member of the Pacific Alliance and as a party to the proposed Trans-Pacific Partnership make it an important strategic partner for Australia in forging closer economic ties and new export and investment opportunities across the Pacific.