Australian farmers and businesses will get more opportunities to reach new markets and create more jobs through global trade as Peru becomes the eighth economy to bring the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) into force.
Minister for Trade, Tourism and Investment Dan Tehan today welcomed Peru joining Australia, Canada, Japan, Mexico, New Zealand, Singapore and Vietnam as a Party to the CPTPP.
"The CPTPP's free trade area eliminates more than 98 percent of tariffs on trade and captures future services liberalisation which will supercharge trade, jobs and growth opportunities for its member countries," Mr Tehan said.
"Peru is a fast-growing, dynamic economy offering Australian exporters a gateway to Latin America and the CPTPP will support trade with Peru growing beyond our existing bilateral agreement, the Peru-Australia Free Trade Agreement.
"Common and transparent trade and investment rules between an expanded number of CPTPP Parties will fortify regional supply chains.
"Australian businesses, exporters and consumers benefit from cost savings and efficiency gains through the extension of the CPTPP's common set of rules.
"Brunei Darussalam, Chile and Malaysia will join the CPTPP once their respective domestic ratification processes are complete and the UK is negotiating its accession which will further strengthen the value of the CPTPP and underscores the importance of multilateral trade agreements.
"Australian businesses can use the FTA Portal to find trade outcomes with Peru under the CPTPP, in addition to the Peru-Australia Free Trade Agreement: ftaportal.dfat.gov.au
