- The Peru-Australia Free Trade Agreement (PAFTA) was signed this week
- 4 per cent of tariffs that Australians exporters face into Peru will be eliminated
- It will deliver historic export opportunities for Australia’s key agricultural industries
Territory Farmers in the cattle and horticulture sectors as well as the NT seafood industry will have their tariffs to Peru slashed following the historic signing of the Peru-Australia Free Trade Agreement (PAFTA) earlier this week.
Country Liberals Senator for the Northern Territory, Nigel Scullion, said PAFTA will eliminate 99.4 per cent of tariffs that exporters face into Peru, putting Australian farmers on equal footing with foreign competitors.
“This new trade deal is a huge win for farmers right across the Northern Territory, creating expanded export opportunities for our cattle and horticulture sectors as well as the seafood industry,” Senator Scullion said.
“Our beef farmers will have tariff free access within five years, putting them on par with US beef farmers. Supermarkets in Peru are already asking about putting Aussie beef on their shelves.”
“This is fantastic news, putting more cash in the pockets of for our hardworking farmers while building on our $435 million two-way trade with Peru.”
“This trade deal is another reminder why only the CLP can be trusted to deliver the jobs and economic growth needed to pay for the services Territorians rely upon. Under Bill Shorten we have the most irresponsible, anti-trade, anti-business and anti-worker Labor Party in generations.
“Just remember, Labor already shut down the Territory’s live cattle trade once and they will do it again,” Senator Scullion said today.
The key tariff outcomes for NT agriculture through PAFTA will include;
- Immediate elimination of all tariffs for seafood, and most horticulture products (current tariffs are up to 9 per cent).
- Elimination of all tariffs for beef within five years and immediate elimination of most tariffs for pork (current tariffs are up to 17 per cent).
“PAFTA will allow us to better compete in the Peruvian market and supports the potential for expanded trade into the broader Latin American region.”
The signing of PAFTA follows the finalisation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which will lock in greater trade access to markets worth almost $10 trillion combined, including Japan, Canada, Mexico, Malaysia, Singapore, Chile, Peru, Vietnam, New Zealand and Brunei.