Trade
Australia and Peru celebrated 50 years of diplomatic relations in 2013. As resource-rich countries bordering the Pacific Ocean, Australia and Peru share membership of the Asia-Pacific Economic Cooperation Forum (APEC). Australia and Peru have growing commercial, investment and people-to-people links and also engage in a wide range of multilateral bodies, particularly the United Nations and the World Trade Organisation (WTO), and Peru and Australia work together to promote trade and investment liberalisation in the Asia Pacific Region. Peru hosted APEC in 2008, following Australia’s year as host in 2007. Australia and Peru are also members of the Forum for East Asia Latin America Cooperation (FEALAC), and Australia is an observer to the Pacific Alliance.
Australia and Peru share interests and cooperate internationally in areas including the environment, whaling, and international law enforcement. The Australian Bureau of Meteorology has signed a Memorandum of Understanding (MOU) with its Peruvian counterpart, the National Meteorology Service of Peru, to facilitate cooperation, including research into the El Niño phenomenon. In a sign of the increasing goodwill between Australia and Peru, the Peruvian Congress reactivated its Peru Australia Parliamentary Friendship League in 2004. Bilateral trade and investment opportunities centre on the mining and agribusiness sectors. Both countries are part of the group of eleven APEC members who are negotiating the Trans Pacific Partnership Agreement.
In November 2011, Australia and Peru signed a MOU on The Establishment of a Framework Mechanism to promote Bilateral Consultations and Cooperation. In April 2012, Australia and Peru signed an MOU on Development Cooperation. An Air services Agreement between the two countries is almost ready for signature and a memorandum of understanding on Air Services has now been finalised. In 2001, the Australian Government established the Council on Australia-Latin America Relations (COALAR) which aims to enhance commercial, political and cultural relations between Australia and Latin America. Since its inception, COALAR has been active in promoting business, education, tourism and cultural links between Australia and Latin America.
In 2013 merchandise trade between Australia and Peru totalled approximately A$215 million. Major Australian merchandise exports to Peru totalled A$78 million and included specialised machinery and parts, measuring and analysing instruments and civil engineering parts and equipment. Major merchandise imports from Peru to Australia totalled A$137 million and included zinc and lead ores and concentrates, animal oils and fats, and crude fertilizers. Trade in services has improved significantly, totalling A$175 million in 2013, up from A$62 million in 2007. Australia is among Peru’s top 10 investors.
Investment
Australian investment is the most important feature in Australia’s commercial ties with Peru. Australia’s commercial presence in Peru has increased significantly with 62 Australian companies now claiming an office in Peru or investment in a project in Peru, 17 of which are ASX200 companies. Trade is modest but continues to grow steadily. The relationship is enhanced by Peru’s attractiveness as a destination for mining investment and exports of mining services and equipment.
Australia’s Trade Commissioner in Lima is responsible for Austrade’s activities in Peru, Ecuador and Venezuela. In addition to assisting Australian companies successfully invest and expand in Peru, Austrade helps companies take advantage of opportunities to export goods and services to Peru with a particular focus on education. Opportunities exist in selling goods and services to the extractive industries, infrastructure (energy, airports and traffic systems), agribusiness (sugar, dairy and gourmet foods, agricultural equipment, genetics and veterinary products), environmental management, water, medicaments, education, tourism, fashion, sporting and surfing goods, gaming equipment and other services.
Australia-Peru trade 2008-14 fact sheet (30kb pdf)
Most text see Footnote 1
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