Australia and Peru: Strengthening a Strategic Partnership for Growth
Australia is prioritizing increased bilateral trade and investment with Peru, building on a strong foundation established by the Peru-Australia Free Trade Agreement (PAFTA) and a shared commitment to democratic values. Ambassador James Yeomans, recently presenting his credentials to the Peruvian President, highlighted this focus during a welcome event hosted by the Australia-Peru Chamber of Commerce and Industry (APCCI).
Boosting Bilateral Trade and Investment
The PAFTA, which came into effect in 2020, eliminates tariffs on nearly 100% of products traded between the two nations. Ambassador Yeomans emphasized the importance of leveraging this agreement to further expand economic ties. This commitment aligns with a broader strategy to deepen cooperation in key sectors, including mining, education, and infrastructure.
Carlos Castro Silvestre, President of the APCCI, noted Ambassador Yeomans’ previous role in championing the PAFTA, underscoring his dedication to strengthening the bilateral relationship. The APCCI is actively working to facilitate increased commercial growth and collaboration between Australian and Peruvian businesses.
Mining as a Cornerstone of Cooperation
Mining represents a particularly significant area of collaboration. Around 100 Australian companies currently operate in Peru’s mining sector, contributing expertise and investment. The focus extends beyond traditional mining to encompass innovative technologies and sustainable practices. Peru is increasingly looking to Australia’s leadership in Mining Equipment, Technology and Services (METS) to modernize its industry.
Did you know? Peru and Australia are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), further facilitating trade and economic integration.
IMARC 2026: A Platform for Enhanced Collaboration
The upcoming IMARC 2026 conference is seen as a crucial opportunity to strengthen ties between Peruvian companies and Australian METS providers. This global mining event, attracting attendees from over 120 countries, will showcase cutting-edge technologies and solutions for a modern, sustainable mining industry. Peru’s delegation to IMARC is expected to be one of the largest, reflecting the growing importance of the relationship.
The Peruvian delegation to IMARC 2026 builds on the success of previous years, with high-level representation from both the public and private sectors. In 2024, the President of the Central Reserve Bank of Peru, Julio Velarde, led the official delegation, while Julia Torreblanca represented the mining business sector.
A 50-Year Milestone for Australia-Bolivia Relations
Australia’s Ambassador to Peru as well holds non-resident accreditation to Bolivia. 2025 marks the 50th anniversary of diplomatic relations between Australia and Bolivia, presenting opportunities for growth in sectors like mining and agriculture. A Function and Holiday Agreement encourages cultural exchange between young Australians and Peruvians, with over 29,000 Australians visiting Peru in 2024.
Pro Tip:
For businesses looking to explore opportunities in Peru, engaging with the APCCI is a valuable first step. They provide resources, networking events, and support for Australian companies entering the Peruvian market.
FAQ
Q: What is the PAFTA?
A: The Peru-Australia Free Trade Agreement eliminates tariffs on almost all products traded between the two countries.
Q: What role does mining play in the Australia-Peru relationship?
A: Mining is a key sector for collaboration, with numerous Australian companies operating in Peru and a focus on sustainable mining practices.
Q: What is IMARC?
A: IMARC is a global mining event that provides a platform for showcasing innovative technologies and fostering collaboration between companies.
Q: What is the significance of the Australia-Bolivia relationship?
A: 2025 marks 50 years of diplomatic relations between the two countries, with potential for growth in mining and agriculture.
Seek to learn more about trade opportunities between Australia and Peru? Explore the Department of Foreign Affairs and Trade website.
