Signing of the Peru-Australia Free Trade Agreement in 2018. Photo by the Australian Department of Foreign Affairs and Trade.

On the one year anniversary of the signing of the Peru-Australia Free Trade Agreement (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.

“Under PAFTA, Peru will eliminate 99.4% 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 A$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.”