AUSTRALIAN farmers have welcomed the ushering in of a new Free Trade Agreement (FTA) with access to expanding agricultural opportunities in Peru.
In May this, year, Federal Trade Minister Steve Ciobo revealed negotiations were underway on the potential trade deal at a meeting in Canberra with Peru’s Foreign Trade and Tourism Minister Eduardo Ferreyros.
The first round of negotiations was held in Lima and talks ongoing throughout the year with conclusion reached on an agreement, announced at the Asia-Pacific Economic Cooperation (APEC) summit in Vietnam, by Prime Minister Malcolm Turnbull.
Both countries will now present the trade agreement for formal ratification via their own domestic treaty making processes, before it can enter into force.
In Australia, the process will include a Joint Standing Committee on Treaties (JSCOT) inquiry and the consideration by the parliament of any changes to legislation and regulations needed, to implement the agreement.
Mr Ciobo said businesses, farmers and families were the “big winners” of the new PAFTA deal.
“The equation is simple: more trade means more exports; more exports means more jobs, higher wages and better incomes.
“PAFTA delivers huge wins for Australian businesses with market access outcomes that go well beyond the Trans-Pacific Partnership (TPP) Agreement.
“Australian farmers, effectively shut out of the market until now, will have the opportunity to compete on a level playing field.