PAFTA Replaces TPP for Australia and Peru

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After the collapse of the Trans Pacific Partnership (TPP), many would-be signatories are making other arrangements in order to maintain trade ties. Peru and Australia recently approved a new bilateral agricultural trade agreement, eliminating 99% of all tariff barriers of Australian goods into Peru. The Peru Australia Free Trade Agreement, or PAFTA, will eliminate existing tariffs on sugar, dairy, rice, almonds, sheep meat, wine, and beef. PAFTA opens the floodgates for Australian sugar as 30,000 tonnes can now be imported into Peru and increasing to 60,000 tonnes starting in 2023. Gro Intelligence will be there to monitor the fallout as sugar trade ramps up between Peru and Australia.

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