The Coalition Government has launched Free Trade Agreement (FTA) negotiations between Australia and the Pacific Alliance – the Latin American trading bloc made up of Mexico, Chile, Peru and Colombia.
Country Liberals Senator for the Northern Territory, Nigel Scullion, said Australia was one of the first countries to launch FTA negotiations with the Pacific Alliance and the Northern Territory stood to benefit.
“We are seeking a comprehensive, high quality agreement to open new markets for Territory businesses,” Senator Scullion said.
“An FTA with the Pacific Alliance would create new export opportunities for our farmers, miners and other industry in some of Latin America’s major economies.
“Importantly, the FTA would open the door to Mexico for Northern Territory exporters.”
Senator Scullion said the potential benefits of the FTA for NT businesses were significant.
“The GDP of Pacific Alliance members was worth more than USD $1.8 trillion in 2016 and the four countries account for 38 per cent of Latin America’s population and 57 per cent of its total imports,” Senator Scullion said.
“Pacific Alliance members imported goods and services worth more than USD $600 billion in 2016.
“Our ability to capitalise on this demand is currently limited by high tariffs that block trade. An FTA with the Pacific Alliance would bring down barriers and ensure Territory businesses have competitive access to these markets.”
Negotiations with the Pacific Alliance build on the Coalition Government’s ambitious trade agenda that is creating new export opportunities for Northern Territory businesses.
“The Coalition Government is committed to opening new markets to create more opportunities for Territory businesses to grow, driving economic growth and creating new local jobs,” Senator Scullion said.