A “NEW chapter” in economic relations between Australia and Peru is set to take effect on February, when the new free trade deal takes effect.

According to a statement from the Department of Foreign Affairs and Trade, this agreement provides Australian businesses a gateway to Latin America, strengthening economic relationships within the region.

“Peru has been one of the fastest growing economies in Latin America over the last decade. In 2018-19, Australia’s two-way trade with Peru was worth $656m,” the statement read.

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“PAFTA enables Australian businesses to take advantage of this growing market and strengthens our economic relationships with Latin America.”

Under PAFTA, Australian exporters are expected to Peru gain substantial new trade and investment opportunities.

“For example, Australian beef, sugar and dairy farmers obtain historic access to the Peruvian market,” the DFAT statement read.

“PAFTA also provides Australian service providers a more transparent and predictable operating environment in Peru, and a platform for both countries to increase the value of our bilateral services trade. “Investment commitments in the agreement protect and enhance investment in both directions.”

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