Australian-Peru Free Trade Agreement Officially Confirmed

The Australian-Peru Free Trade Agreement (FTA) that we discussed in an earlier blog post has now officially been locked in by Australian Prime-Minister Malcolm Turnbull, in a major win for both countries. This follows an unexpectedly short negotiation period of only five months.

Mr. Turnbull officially confirmed the agreement during the Asia-Pacific Economic Co-operation (APEC) summit in Vietnam.  It will eliminate 99% of tariffs between the countries, and in the process will open up the market to industries that were previously completely shut out. "Our businesses, farmers, and families are the big winners," said Mr. Turnbull. "The equation is simple: more trade means more exports; more exports, means more jobs, higher wage, and better incomes."