Trade Minister Steven Ciobo is visiting Colombia and Chile this week in a bid to strengthen bilateral trade and investment links with both countries.
During the visit Mr Ciobo will explore the feasibility of a free trade agreement with Colombia.
A free trade agreement with Latin America’s fourth largest economy, would create significant new opportunities for Australian businesses, particularly in agri-business, infrastructure and health, Mr Ciobo said.
While in the Colombian capital Bogota Mr Ciobo will meet with government ministers and business leaders with a view to increasing bilateral trade and investment.
Chile is Australia’s third-largest trading partner, with the Australia-Chile Free Trade Agreement entering into force in 2009.
Investment in Australia
Mr Ciobo will meet with Chilean government ministers and business leaders to encourage increased Chilean investment in Australia.
“There are also opportunities for Australian businesses to build on existing Chilean engagement in renewable energy and water management,” Mr Ciobo said.
“Latin America presents major economic opportunities for Australia with increasing investment from the mining equipment, technology and services sectors. The region is also an important market for Australia’s education services.
“With a population of over 620 million, reform minded governments and a growing middle class, the Latin American region presents real opportunities for Australian businesses seeking to diversify their export markets.”