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Last week Australia and Peru completed their negotations for a free trade agreement. Peru is one of the fastest growing trades in Latin America and the world, with a gross domestic product (GDP) of 5.9% in the last decade alone. In 2015-16, two-way trade with Peru was worth $504 million, up 19.4 per cent from the previous year.

A Peru-Australia FTA (PAFTA) would enable Australian businesses to access exciting opportunities presented by the growing market. In particular goods such as beef, lamb and roo meat, dairy, wheat, rice, sugar, wine, pharmaceuticals, medical devices, aluminium products, and mining equipment.

Peru is also an attractive investment destination for Australia. The number of Australian companies operating in Peru has risen from ten in 2003 to currently over ninety, with a strong presence in the mining sector.

There would also be opportunities for Australian suppliers in sectors such as professional services, energy and mining-related services, environmental services, construction services, and transport services.

Overall, an FTA with Peru would strengthen our economic relationship with Latin America, provide opportunities for Australian exporters to access an ever expanding market and Australian businesses to diversify their investments.