Winter 2018 Update

Victoria's Latin America Trade and Investment Strategy

The Globally Connected: Victoria’s Latin America Trade and Investment Strategy was launched on 29 May 2018 by the Minister for Trade and Investment at the Australia-Latin Business Council and Trade and Investment Victoria dinner.

VIDEO: Victoria’s Latin America Trade and Investment Strategy launch

Key stakeholders in the Victoria-Latin America relationship attended the event, which underscored the momentum that has been established since the Victorian Government opened an office in Santiago in 2016 and since direct flights to Santiago were launched by LATAM Airlines in October 2017.

The Strategy sets out the Victorian Government’s vision for enhanced engagement with Latin America as well as underscoring the important efforts and initiatives that have taken place to date to strengthen Victoria’s relationship with the region.

The Victorian Government is committed to informing Victorian stakeholders, including the business and education sectors about the opportunities to collaborate and do business beyond traditional partners and to understand the diverse opportunities that Latin America presents.

Priority sectors include Mining and METS, International Education, Food and Agricultural Innovation and Liveability, while emerging sectors include Tourism and Major Events and Medical Technology and Pharmaceuticals.

The Government plans to increase Victoria’s exports to Latin America as well as grow student numbers and visitors from Latin America going forward.

Read the Strategy

Latin America is open for business

During a period when certain economies are becoming increasingly protectionist, others are embracing the opportunity to leverage the benefits of global trade through the expansion of networks created by free trade agreements.

Australia and key Latin American markets have demonstrated their commitment to free trade with several agreements under negotiation or signed in recent months, broadening opportunities for Victorian companies.

In February, the Peru Australia FTA (PAFTA) was signed by Australia’s and Peru’s Trade Ministers. In March, Australia signed the Trans-Pacific Partnership 11, which brings together eleven countries, including Australia, Chile, Mexico and Peru among other key Asia-Pacific countries. In late March, the third round of Pacific Alliance FTA negotiations was held in Chile. The Pacific Alliance, comprising Chile, Colombia, Mexico and Peru extends Australia’s FTA network to Colombia, a country undergoing significant changes following the peace deal between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC), which brought an end to 50 years of conflict.

These agreements present opportunities for Victorian companies and institutions:

  • The PAFTA provides improved market access for Victorian farmers, dairy producers and processed food suppliers as well as METs companies.
  • TPP-11 builds on Australia’s existing agreements with Chile and Peru by providing a pathway for further business opportunities with Mexico, Victoria’s largest trading partner in Latin America.
  • The four countries of the Pacific Alliance, together, account for 37 per cent of Latin America's population, 35 per cent of its nominal GDP, 46 per cent of its exports, and 50 per cent of its total imports, again offering an opportunity to facilitate business for Victorian companies across all four markets.

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