Bundaberg cane farmers are excited following the signing of the Peru-Australia Free Trade Agreement that will initially see 30,000 tonnes of sugar exported from Australia to Peru.
It is reported by NewsMail.
PAFTA will eliminate 99.4 percent of tariffs that exporters face into Peru, putting our farmers on equal footing with foreign competitors.
Under the agreement, Australian exports of sugar will have immediate tariff-free access. Opening up more markets may help negotiate a better price.
Bundaberg Canegrowers chairman Allan Dingle said PAFTA announcement was good news after US President Donald Trump withdrew from the negotiations process over the Trans-Pacific Partnership (TPP).
TPP did lock in greater trade access for Australia to markets worth almost $10 trillion combined, including Japan, Canada, Mexico, Malaysia, Singapore, Chile, Peru, Vietnam, New Zealand and Brunei.
The first year’s access of 30,000 tonnes of sugar into Peru would grow to 60,000 tonnes in year five and to 90,000 tonnes by year 18.
Peru is one of the fastest growing economies and regions in the world and this new trade deal is a huge win for Australian farmers, creating expanded export opportunities for sugar sector.
(Source – http://www.blackseagrain.net/novosti/australian-sugarcane-growers-happy-with-peru-trade-deal)