Australia Peru Free Trade Agreement

A free trade agreement between Australia and Peru entered into force on 11 February 2020. Peru and Australia are working together to promote and develop education, research and innovation. There will be more opportunities for Peruvians to receive an education from Australian education providers. PAFTA also aims to help women take advantage of the opportunities created by the agreement by improving their access to markets, science and technology, and finance. The IIA Navigator is continuously adapted following reviews with and comments from UN Member States. It is mainly based on information provided by governments on a voluntary basis. A contract is included in a country`s IIA statement once it is formally concluded; Contracts whose negotiations have been concluded but not signed are not counted. A contract is excluded from the IVI account once its termination takes effect, whether or not it continues to have a legal effect on certain investments during its “sunset” period. In the case of renewals, only one of the contracts between the same parties is counted. Depending on the situation, the counted treaty may be “old” if it remains in force until the ratification of the newly concluded IIA. Although every effort is made to ensure the accuracy and completeness of the content, UNCTAD assumes no responsibility for any errors or omissions in such data.

The information and texts contained in the database are for purely informative purposes and have no official or legal status. In case of doubt about the contents of the database, it is recommended to contact the competent governmental authority of the State(s) concerned. Users are invited to report any agreement, error or omission via the online contact form. During the negotiations, I call on stakeholders to share their views on the specific barriers to trade and investment that THEPA could remove. More information about the submission can be found here. On February 12, 2018, the governments of Australia and Peru signed a free trade agreement aimed at improving economic relations between the two countries. The free trade agreement will benefit Peruvian consumers by halting the increase in current tariffs, phasing out certain tariffs and preventing the introduction of new tariffs, including those for electronically transmitted content. International investment treaties (IIAs) are divided into two types: (1) bilateral investment treaties and (2) investment treaty agreements. A bilateral investment agreement (BIT) is an agreement between two countries on the promotion and protection of investments made by investors from each country in the territory of the other country. The vast majority of IIAs are BITs.

The category of investment provision contracts (IPTs) combines different types of investment agreements that are not BITs. Three main types of TIP can be distinguished: 1. global economic contracts that contain obligations commonly found in BITs (e.g. B a free trade agreement with an investment chapter); 2. contracts with limited investment provisions (e.g. B only contracts for the installation of installations or the free transfer of funds linked to the investment); and 3. Contracts containing only “framework clauses”, such as those relating to cooperation in the field of investment and/or a mandate for future negotiations on investment issues. In addition to IIAs, there is also an open category of investment-related instruments (IRRI).

It includes various binding and non-binding instruments and includes, for example, model agreements and draft instruments, multilateral conventions on dispute settlement and arbitration rules, documents adopted by international organizations and others. Peru and Australia plan to strengthen their cooperation to protect consumers from anti-competitive enterprises, eliminate bribery and corruption in international trade and investment, promote integrity, honesty and accountability among their officials, and encourage private companies to develop internal audit controls to prevent and detect acts of corruption. UNCTAD`s Work Programme on International Investment Treaties (IIAs) actively supports IIA policymakers, government officials and other stakeholders in reforming the IIA to make it more conducive to sustainable development and inclusive growth. International investment rules take place at the bilateral, regional, interregional and multilateral levels. Policymakers, negotiators, civil society and other stakeholders need to be well informed about foreign direct investment, international investment agreements (IIAs) and their impact on sustainable development. Main objectives of UNCTAD`s Work Programme for IIAs • Reform of the International Investment Treaty (IIA) System to strengthen its sustainable development dimension; • Comprehensive analysis of key issues arising from the complexity of the international investment regime; • Development of a wide range of instruments to support the formulation of more balanced international investment policies. IIA Mapping Project The IIA Mapping Project is a joint initiative of UNCTAD and universities around the world to map the content of IIAs. The resulting database serves as a tool to understand trends in IIA development, assess the prevalence of different policy approaches, and identify examples of treaties.

The “Mapping of IIA Content” allows you to browse the results of the previous project (the page is updated regularly when new results arrive). Please cite as: UNCTAD, IIA Content Mapping, available at investmentpolicy.unctad.org/international-investment-agreements/iia-mapping For more information: Mapping project page Project description and methodological document The first round of negotiations will take place in Lima in July. Australia and Peru have experience in negotiation, so we hope that an agreement will be reached quickly. A free trade agreement with Peru would be another gateway to Latin America, strengthening our economic ties with the region and allowing Australian companies to tap into the value chains between America and Asia. In 2015-2016, trade with Peru amounted to $504 million, an increase of 19.4% over the previous year. IIA Navigator This database of IIAs – the IIA Navigator – is maintained by UNCTAD`s IIA section. You can search for IAIs completed by a specific country or group of countries, view recently completed IIAs, or use advanced contract search for sophisticated searches tailored to your needs. Please cite as: UNCTAD, International Investment Agreements Navigator, available at investmentpolicy.unctad.org/international-investment-agreements/ According to the Australian Department of Foreign Affairs and Trade, the trade agreement offers Australian companies the opportunity to access the Peruvian market. .