Trade Minister Steven Ciobo will attend the Pacific Alliance Summit in Puerto Vallarta, Mexico this week to advance negotiations on the Pacific Alliance-Australia Free Trade Agreement (FTA).
The Pacific Alliance brings together four Latin American countries – Mexico, Chile, Colombia and Peru – a trade bloc that accounts for more than 50 per cent of Latin America’s trade.
Mr Ciobo said the Pacific Alliance-Australia Free Trade Agreement presents a huge opportunity for Australian exporters.
“Australia’s two-way trade with Pacific Alliance members was worth $6.14 billion in 2017,” he said.
“A high-quality, comprehensive agreement will help grow this trade by creating new opportunities for Australian businesses to sell their goods and services in Latin America.”
More than 300 Australian businesses now operate in Pacific Alliance countries.
“A trade agreement will provide a platform for expanding and deepening our investment relationship with these countries,” said Mr Ciobo.
Unlocking more opportunities in Latin America
“Australian exporters traditionally look north to Asia to grow their businesses, but this trade agreement will help unlock more opportunities to our east in Latin America.”
Mr Ciobo said Australia was one of the first countries to launch negotiations with the Pacific Alliance as part of the government’s ambitious trade agenda.
“The Pacific Alliance-Australia FTA will build on the opportunities created by TPP-11 and Peru-Australia Free Trade Agreement,” he said.
“The Turnbull Government is working to open new markets for Australian businesses as part of our plan for a stronger economy.
“Growing our exports will drive economic growth and help create new Australian jobs.”