Tax-news | 27 May 2017
Australian miners hail Peru trade talks
by Mary Swire
The Minerals Council of Australia (MCA) has said that the country’s mining sector will benefit from the proposed new free trade agreement (FTA) with Peru.
Brendan Pearson, Chief Executive of the MCA, said that Australia’s largest exports to Peru include metals products, minerals additives, and specialized mining equipment and machinery. Peru’s top imports to Australia also include minerals and mining equipment and inputs, he added.
Pearson commented: "A high-quality free trade agreement has the potential to lift the economic relationship between our two countries to a new level by delivering further market access openings and improved two-way investment flows. Australian mining equipment, technology, and services firms, in particular, would benefit from a free trade agreement that significantly reduces barriers to trade in services."
Pearson pointed out that the mining and mining services sectors account for 15 percent of Australia’s GDP and support more than 1.1m jobs. Opening up new export markets would therefore "be good news for Australia’s economy, living standards, and job opportunities," he said.
Australian Trade Minister Steven Ciobo has said the Government is seeking a "high quality, comprehensive" FTA with Peru. A first round of negotiations will be held in Lima in July.