LatinNews Daily - 12 February 2020

* Peru’s agriculture & irrigation ministry (Minagri) has hailed the recent entry into effect of the Peru-Australia Free Trade Agreement (Pafta), saying it will contribute to meeting the goal of achieving US$8bn in agro-exports by the end of 2020. The Pafta, which took effect on 11 February, allows 96% of Peru’s exports to enter Australia tariff-free immediately, with the remaining 4% to do so in a gradual process over a maximum period of four years. Meanwhile 93.3% of Australian products will enter Peru under the same conditions. The FTA was ratified on 12 February 2018 in Australia and on 22 February 2019 in Peru. According to Minagri, Pafta will allow Peru to “take advantage of new commercial opportunities and ensure that sanitary and phytosanitary procedures are transparent and efficient. At the same time, the movement of Peruvian technicians and professionals to Australia will be favoured.” In 2019 Peru’s exports to Australia totalled US$91.6m, down 56.6% compared with 2018.

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