Fiji Time: 5:34 AM on Monday 26 February

Fiji Times Logo

/ Front page / Features

Free trade agreement opens door for Australian exports

Wmn
Wednesday, February 14, 2018

AUSTRALIA and Peru signed the Peru-Australia Free Trade Agreement (PAFTA) on Monday.

The deal will open the door for Australian exports to one of the fastest growing economies and regions in the world with an average growth rate of 5.9 per cent over the past decade.

PAFTA will eliminate tariffs on 99 per cent of Australian goods within five years of the Agreement's entry into force. Additionally, it will deliver greater access for Australian financial, legal and other professional service operators, such as those that supply mining-related and oilfield services in Peru.

The deal will serve as a gateway to Latin America, and to value chains between Asia and the Americas. It is also a stepping-stone to a trade agreement with the Pacific Alliance (Mexico, Colombia, Chile and Peru).

PAFTA is the fastest trade agreement Australia has ever concluded, after negotiations were launched in May 2017.

The Turnbull Coalition Government is pursuing an ambitious trade agenda and agreements such as PAFTA to drive economic growth and create new jobs.

The FTA was signed after eleven countries, including Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, finalized their agreement on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Tokyo, Japan in late January 2018.

Expected to be signed in March in Chile, the TPP will eliminate more than 98 percent of tariffs in a trade zone with a combined GDP of $13.7 trillion and deliver 18 new free trade agreements between the TPP parties.

The original Trans-Pacific Partnership (TPP) was signed in February 2016, however, following the inauguration of Donald Trump as the new president of the United States the US pulled out from the deal in January 2017.








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.63650.6175
JPY 54.034951.0349
GBP 0.35780.3498
EUR 0.40640.3944
NZD 0.68820.6552
AUD 0.64140.6164
USD 0.50240.4854

from

$0.00

Exchange Rate updated on 23rd, February, 2018

Today's Most Read Stories

  1. History of the Steiners
  2. Man to beat
  3. Win for duo
  4. RKS retains U19 title
  5. PM receives Veisamasama
  6. Love is in the air
  7. War in Cakaudrove
  8. FTUC after another permit
  9. Team uncovers bugs
  10. $4m for residential lots

Top Stories this Week

  1. Wheels for ex-PMs Thursday (22 Feb)
  2. Police brutality claims Thursday (22 Feb)
  3. Long wait Monday (19 Feb)
  4. Plans to open caves for public viewing Monday (19 Feb)
  5. Tears flow for eleven Wednesday (21 Feb)
  6. That fateful night Friday (23 Feb)
  7. Threat claims by group Saturday (24 Feb)
  8. Masirewa scores biggest try Monday (19 Feb)
  9. Adi Meretui joins SODELPA camp Monday (19 Feb)
  10. Choices for PM Saturday (24 Feb)