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Pafta Agreement

This contribution is intended to provide you with all the information you need about the new Peru-Australia Free Trade Agreement (PAFTA), and what it might mean to you. The Department of Foreign Affairs and Trade has just published a detailed review of the agreement and the PAFTA, which you can find HERE. PAFTA enables Australian companies to tap into Peru`s growing market and strengthens economic ties with Latin America. This trade agreement provides Australian businesses with a gateway to Latin America, strengthens our economic relations within the region and helps facilitate value chains between America and Asia. In order to improve the implementation of this agreement, Member States agreed on 19 February 1997 on the modalities for the establishment of the Pan-Arab Free Trade Area, which is expected to be completed within ten years. The agreement on the facilitation and development of trade between Arab states was signed on 27 February 1981 by members of the Arab League. Member States should remove all non-tariff barriers, including administrative, monetary, financial and technical barriers. The Arab Summit held in Beirut in March 2002 and the September 2002 meeting of the Economic and Social Council decided to reduce the transition period for the implementation of the Pan-Arab Free Trade Area (PAFTA) to seven years until January 2005. Over the past decade, Peru has been one of the most dynamic economies in Latin America. In 2018-19, Australia`s two-way trade with Peru was $656 million. All articles marked with “Article Type: Original” published on the commerce department`s website and its sub-sites are protected by the copyright of this site and its sub-sites.

Any reproduction or use by other sites, media or individuals must be accompanied by a clear mention of “Source: Ministry of Commerce website.” On this site, you will find a lot of information about business activities in Peru. Please check Peru`s profile under “Country Profiles.” The abolition of tariffs and other taxes with similar effects was implemented as follows: an agreement was reached on the general provisions of the agreement. Negotiations between Member States will begin shortly in order to agree on each member`s specific obligations. The Arab Summit decided to give the least developed Member States preferential treatment to allow them free access to their exports to other Member States as well as exemption and tariffs, while they will have to gradually reduce their tariffs in five tranches from 1 January 2005.

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