Queensland businesses should soon enjoy increased opportunities for exports to Latin America, with the announcement of a new Peru-Australia Free Trade Agreement (PAFTA) in early November.
The conclusion of PAFTA negotiations was announced by the Australian Government on 10 November.
Key outcomes from the negotiation include more access for Australian sugar and dairy producers; immediate duty-free access for Australian wine, sheep meat, most horticulture products, kangaroo meat and wheat; and eliminating beef tariffs within 5 years so that Australian farmers will have access to the Peru market equal to that of US farmers.
Scott Ashton, TIQ’s Group Manager for Overseas Market Support, said that Queensland producers would benefit in a number of sectors.
‘I think we’ll see the greatest benefits in the areas of beef, sugar, horticultural products and dairy,’ he said.
‘But we’ll also see greater opportunities in mining equipment technology and services, education, and professional and financial services.’
Mr Ashton said TIQ had staff on the ground in Latin America who could help Queensland businesses with advice and support.
‘TIQ’s presence in Latin America means that Queensland exporters have improved access to markets opened up by FTAs in the region,’ he said.
‘With more bilateral and multilateral trade agreements being finalised, the trade environment in Latin America is consistently improving in multiple markets.’
Total two-way trade in goods and services between Australia and Peru in 2016 was worth $590 million, up 51.2% from the previous year.
Queensland businesses exported $17.8 million worth of merchandise to Peru in 2015–16.
Peru and Australia will now follow their own domestic treaty-making processes before PAFTA can be signed and enter into force.
Supporting exports is a key goal of the Queensland Trade and Investment Strategy 2017–2022.
For information on getting your product into overseas markets, connect with TIQ today.