On 24 May, Australia and Peru launched negotiations for a free trade agreement (FTA). A fellow signatory to the Trans-Pacific Partnership (TPP) Agreement, Peru has been one of the fastest growing economies in Latin America. A Peru-Australia FTA would enable Australian businesses to access the opportunities presented by that growing market.
Furthermore, Peru is a growing market for Australian goods and services exporters. In 2015-16, total two-way trade in goods and services with Peru was worth $504 million, up 19.4% from the previous year. An FTA with Peru would provide Australian businesses with an opportunity to expand engagement with this emerging market.