* The Peru-Australia Free Trade Agreement (PAFTA) was signed in Canberra today
* 99.4 per cent of tariffs that Australians exporters face into Peru will be eliminated
* It will deliver historic export opportunities for Australia's key agricultural industries
Australian dairy, grains, red meat, sugar, wine and horticulture growers will have their tariffs to Peru slashed following today's historic signing of the Peru-Australia Free Trade Agreement (PAFTA).
Minister for Agriculture and Water Resources, David Littleproud, said PAFTA will eliminate 99.4 per cent of tariffs that exporters face into Peru, putting Australian farmers on equal footing with foreign competitors.
"This new trade deal is a huge win for Aussie farmers, creating expanded export opportunities for our sugar, dairy, grains, kangaroo meat, red meat, wine and horticulture sectors," Minister Littleproud said.
"This is fantastic news, putting more cash in the pockets of for our hardworking farmers while building on our $435 million two-way trade with Peru."
The key tariff outcomes for Australian agriculture through PAFTA will include;
Immediate elimination of all tariffs for seafood, sheep meat, kangaroo meat, most horticulture products and wheat (current tariffs are up to 9 per cent).
Elimination of all tariffs for beef within five years and immediate elimination of most tariffs for pork (current tariffs are up to 17 per cent).
Immediate elimination of tariffs for wine across lines of commercial interest to Australia, with the remainder being phased out over five years (current tariffs are up to 9 per cent).
PAFTA will provide a number of industries with duty-free access for large volumes of exports, including:
30,000 tonnes of sugar, growing to 60,000 tonnes in year five and to 90,000 tonnes by year 18.
7000 tonnes of dairy, growing to 10,000 tonnes (capped amount) in year five.
9000 tonnes of rice, growing to 14,000 tonnes (capped amount) in year five.
15,000 tonnes of sorghum, with the volume growing to 20,000 tonnes (capped amount) in year five.
"PAFTA will allow us to better compete in the Peruvian market and supports the potential for expanded trade into the broader Latin American region.
The signing of PAFTA follows the finalisation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which will lock in greater trade access to markets worth almost $10 trillion combined, including Japan, Canada, Mexico, Malaysia, Singapore, Chile, Peru, Vietnam, New Zealand and Brunei.