Peru and Australia to strengthen economic ties

 The aim is to strengthen economic, commercial and investment ties and take better advantage of current trade agreements, in order to consolidate the recovery process of their economies.

Peru’s GDP shrank by 11.1% in 2020 but grew by 13.2% in 2021, while Australia’s fell by 1.1% in 2020 and grew by 4.2% last year. After analysing the complex political and economic situation in Peru, as well as the outlook in Australia in the face of its general elections on May 21, the council agreed to present the respective authorities with proposals and recommendations to revitalise the bilateral relationship, promote the Free Trade Agreement (FTA) and the Comprehensive and Progressive Treaty of Trans-Pacific Association (CPTPP) in which both participate.

It also highlighted the benefits of organising events to publicise the scope and benefits of trade agreements, with representatives of the Trade Offices and Ambassadors in Peru and Australia and partnerships with other business councils in order to exchange good practices.

The Australia-Peru Business Council was created following the signing of a Memorandum of Understanding between ADEX and ALABC in August of last year. The first meeting was chaired by the CEO of Ausenco, Zimi Meka, and the director of the Centre for Research on Global Economy and Business (CIEN-ADEX), Edgar Vásquez.

The members of the Australian delegation included the former Australian ambassador to Peru, John Woods, and partner of the Mazars firm, Liliana Harris. The Peruvian delegation included the president of the Association for the Promotion of Infrastructure (AFIN), Leonie Roca, and the executive director of Grupo Gloria, Claudio Rodríguez.