Big wins for Hinkler exporters in new trade deal
Hinkler exporters are the big winners after the Coalition Government concluded a new trade agreement with Peru.
Federal Member for Hinkler and Assistant Minister for Trade, Tourism and Investment Keith Pitt said the Peru-Australia Free Trade Agreement (PAFTA) will help create new local jobs as it opens the door for Hinkler businesses to one of the world’s fastest growing economies.
“This agreement eliminates 99 per cent of the tariffs Australian exports face into Peru, putting Hinkler exporting businesses in pole position to capitalise on this growing market.”
Under PAFTA Australian exports of sugar, dairy, rice, sorghum, sheep meat, wine, kangaroo, almonds, pharmaceuticals, medical devices, paper products and machinery will have immediate tariff free access.
Upon entry into force, Australia will have duty free access of 30,000 tonnes of sugar into Peru, growing to 60,000 tonnes in five years and 90,000 in 18 years.
“This is a massive win for the sugar industry in the Hinkler region. Australia’s sugar market access is more than any other sugar exporting country has achieved in the last 20 years and equivalent to roughly 30 percent of Peru’s imports,” he said.
The agreement will see most of Peru’s horticulture tariffs (currently up to 9 percent) eliminated and all tariffs on seafood (up to 9 percent) also eliminated.
Peru is one of the fastest growing economies in the world with an average growth rate of 5.9 per cent over the last decade.
“PAFTA gives Hinkler exporters the opportunity to share in this growth,” said Mr Pitt.
He said PAFTA builds on the trade agreements the Coalition has delivered with China, Japan and Korea.
“The Coalition Government is pursuing an ambitious trade agenda and more trade agreements to create more export opportunities for Hinkler.”