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Australia-Peru FTA to benefit mining industry

Australia-Peru FTA to benefit mining industry

Photo by Reuters

10th November 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) on Friday welcomed the signing of a free trade agreement (FTA) with Peru, with interim CEO David Byers saying it would create significant new opportunities for Australia’s mining and mining services exports and investment.

“The trade deal will immediately eliminate tariffs on Australian minerals commodities exports to Peru, including iron-ore, copper, nickel and coal. It will make our metals manufactures exports more competitive by locking in duty free access for Australian iron, steel and aluminium,” Byers said.

He added that a particularly exciting aspect of the FTA was that it improved market access for Australian mining equipment, technology and services businesses.

“Most Australian mining equipment will now not face any tariffs when exported to Peru. Peru has also agreed to deliver access to Australian mining services providers on non-discriminatory terms and to boost investment certainty for Australian businesses investing in the South American nation.

“These measures will allow Australia to leverage its world-class expertise in mining services, from geoscientific and engineering services to specialised technology and environmental management services, to take advantage of opportunities in developing Peru’s own significant minerals and energy resources.”

Byers said that the finalisation of the Peru-Australia FTA would also deliver strategic benefits by improving economic and political links across the Pacific and by demonstrating both countries’ commitment to free trade and open markets.

It comes as new economic modelling has shown that 2.2-million Australian jobs rely on trade and that the dismantling of protectionism over the last three decades has boosted the average Australian household’s income by $8 448 a year.

“This highlights the importance of Australia continuing to pursue trade liberalisation through bilateral negotiations like those with Peru, as well as regional, plurilateral and multilateral trade agreements,” Byers said.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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