Australia, Peru Kick Off FTA Talks

Australian and Peruvian trade officials announced last week the start of formal talks towards reaching a free trade agreement (FTA), with the first negotiating round scheduled for July. The news was announced by Australia Trade Minister Steven Ciobo and Peruvian Trade Minister Eduardo Ferreyros on 24 May, with the two high-level officials noting that the possibility of an FTA has been under discussion since last year’s Asia-Pacific Economic Cooperation (APEC) leaders’ meeting in Lima, Peru. (See Bridges Weekly, 24 November 2016 ) Speaking to reporters in Canberra last Thursday, Ciobo and Ferreyros both cited services and investment as key areas for a “comprehensive” future trade deal. In the area of services, Ciobo indicated that improved market access would be one of Canberra’s objectives going forward, naming sectors including finances, mining, and tourism, among others. He also flagged Peru’s strong economic growth prospects, as well as its role in the Latin American region, as other valuable gains for Australia. “We see real growth potential in Latin America and being able to build on the Chile free trade agreement with this – a comprehensive, ambitious free trade agreement with Peru – will provide another opportunity for Australian businesses to engage,” he told...