While Australia has made significant strides in free trade agreements (FTAs) in Asia in recent years, there have been very few breakthroughs in the Americas and you have to go back a fair way in history to find them – a U.S. deal in 2005 and then Chile in 2009.
A few partners from the region are involved with the Trans-Pacific Partnership (TPP), but with that deal still up in the air despite pledges for its resurrection, Australia and Peru look set to hedge their bets by launching bilateral FTA negotiations.
Australian Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, said industries expected to benefit included the kangaroo meat industry along with beef, horticulture and wine.
He described the talks as a positive development for Australian agricultural exporters, saying they represented a new step forward for into Latin America.
“Economic partnerships are the bedrock of success for modern trading nations,” Joyce said in a release.