- Write by:
-
Thursday, February 28, 2019 - 7:00:10 PM
-
851 Visit
-
Print
Mining News Pro - On the one year anniversary of the signing of the Peru-Australia Free Trade Agreement or PAFTA, the Minerals Council of Australia issued a statement saying that the ratification of the deal is expected to deliver major investment and job opportunities for Australia’s mining industry.
According to Mining News Pro - "Under PAFTA, Peru will eliminate 99.4 per cent of its tariffs, including on valuable Australian resources such as iron ore, copper, nickel, coal, mineral fuels and oil," the statement reads. "Australian mining commodities and mining equipment, technology and services (METS) dominate the $640 million trading relationship with Peru. In 2017, seven out of the top eight of Australia’s largest merchandise exports to Peru were METS or mining commodities."
"PAFTA provides duty-free access across all tariff lines for steel, aluminium, and base metals."
Besides the economic benefits for both countries, the MCA said it is important to highlight the fact that the deal provides greater certainty and stability around the two-way investments already taking place between Australia and Peru.
In detail, PAFTA provides duty-free access across all tariff lines for iron, steel, aluminium, base metals, mining equipment/machinery and parts.
When it comes to METS and oilfield service providers, the agreement stipulates that Peru should grant access, on non-discriminatory terms, to Australian suppliers of mining-related consulting, research and development, engineering, environmental, mining and technical testing and analysis services.
"In 2017, Australia investment in Peru stood at over $600 million, with Australian mining companies making major investments in exploration, operational mining activities and partnerships with local resource companies," the Minerals Council`s brief reads. "PAFTA will directly benefit Peruvians and Peru’s business community along with creating more Australian jobs and supporting local business."
Short Link:
https://www.miningnews.ir/En/News/340908
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
Australian space exploration company Fleet Space Technologies has successfully deployed its next-generation Centauri-6 ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
Vista Gold has released an updated feasibility study for its Mt Todd gold project in Northern Territory, Australia, to ...
Alcoa will buy Alumina in an all-stock deal that values the Australian firm at $2.2 billion, and makes the US company ...
Canada and Australia have agreed to promote shared priorities related to the extraction, processing, and refining of ...
Australia’s Syrah Resources said on Friday it will supply natural graphite product from its Balama graphite operations ...
The Australian government is considering a tax credit for companies that build processing facilities to boost the value ...
Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential ...
No comments have been posted yet ...