The Hon. Steven Ciobo MP, Minister for Trade, Tourism and Investment, and Mr Eduardo Ferreyros, Peruvian Minister for Foreign Trade and Tourism, have signed the Peru-Australia Free Trade Agreement (PAFTA).
The Agreement was signed on February 12th, 2018.
Consistent with Australia’s other free trade agreements, Australian tariffs on imports from Peru will be eliminated, PAFTA also includes additional commitments which will lower the costs of trade.
In accordance with Australia’s treaty-making process, the PAFTA text and accompanying National Interest Analysis will be tabled in Parliament. Following tabling, the Joint Standing Committee on Treaties will conduct an inquiry into PAFTA and will report back to Parliament. Parliament will also consider any legislation that may be necessary to implement the Agreement.
When either Australia or Peru has completed its domestic treaty-making processes, it will notify the other party that it has done all that is required for the Agreement to enter into force. PAFTA will enter into force 60 days after both signatories have notified completion of their domestic legal procedures