Peru, Australia Clinch Free Trade Pact

Officials from Australia and Peru announced last week that they have finished talks on a bilateral trade accord, concluding a negotiating process that was announced last year and formally launched just seven months ago. The agreement was announced on the sidelines of the Asia-Pacific Economic Cooperation Forum (APEC) Leaders’ Week, held in Da Nang, Vietnam. Leaders from both trading partners flagged the potential gains, particularly in goods and services market access, as well as the opportunity to deepen a bilateral economic relationship that has already made strides in recent years. For example, the Australian government notes that bilateral goods and services trade has lately been on the rise, hitting A$590 million (US$447 million) last year, already a significant boost from the year prior. The new Peru-Australia deal will eliminate over 90 percent of tariffs on each side, officials say, along with covering areas ranging from investment and services to intellectual property and digital trade. Pedro Pablo Kuczynski, Peru’s President, stated on social media site Twitter that the deal will bring “more investments and jobs for the country.” “The deal generates countless opportunities for Peruvian exporters in a market where GDP per capita is nearly US$50,000,” Peruvian Minister of Foreign Commerce...