Landmark mining and energy pact for Australia and Peru

Australia and Peru have entered a landmark mining and energy deal, cementing....

  Australia and Peru have entered a landmark mining and energy deal, cementing stronger ties than ever before between the two economies.Australian Industry and Resources Minister, Ian Macfarlane said the two countries had agreed to work towards sustainable development in the mining and energy sectors through improved environmental protection and increased technology and knowledge transfer.Mr Macfarlane said the Framework for Cooperation on Mining and Energy signalled an unprecedented level of collaboration between the two countries."Both Australia and Peru recognise cooperation between our countries will boost trade and investment, particularly in the mining and energy sectors,” Mr Macfarlane said."Australian miners are a strong and growing presence in Peru, with South America identified as a primary target market for Australian mining technology products."This agreement will reap economic benefits for both economies and reduce the environmental impact of further mining and energy-related activities," he said.Prime Minister John Howard and Mr Macfarlane signed the agreement with Peru's President Alan Garcia and Minister for Foreign Affairs, José Antonio García Belaúnde.Mr Macfarlane said APEC was all about cooperation and that this agreement would lead to greater engagement with Peru, building on the already strong relationship, established during the APEC Minister's Responsible for Mining meeting in February this year."Peru will host APEC in 2008 and Australia looks forward to continued multilateral and bilateral cooperation in mining and energy with Peru and other APEC economies," he said.