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Peru and the UK Sign Reconstruction Agreement

Peru and the UK Sign Reconstruction Agreement

In June 2020, the UK government won Peru’s bid for the “Integral plan for the reconstruction of the damaged infrastructure of the Northern regions of Peru affected by floods in 2017", also called the Reconstruction Agreement or Programme. This government-to-government agreement involves the reconstruction of Peruvian infrastructure and the construction of preventative measures against natural disasters. Parties involved in the Peru-UK Reconstruction Agreement The Reconstruction Agreement involves an investment of approximately US$2.020 billion. The Reconstruction Agreement was signed on 22 June 2020, between the Peruvian government, represented by the Authority for Reconstruction with Changes (ARCC), and the UK government, represented by the Department for International Trade (DIT). The investment is worth S/7 billion (approximately US$2.020 billion) and will last for 2 years, with allowance for a third year. The project will be carried out by 3 companies forming the UK Delivery Team: Mace Limited, Arup Limited and Gleeds International Limited. The Peru-UK partnership is an enduring one. The UK was Peru’s lead partner while delivering the Lima 2019 Games, the fourth largest sports event in the world. Following the success of this partnership, the Reconstruction Agreement only further strengthens these regional commitments. Reconstruction projects The 2017 Coastal El Niño is a natural disaster that severely affected many Peruvian regions. Heavy rains, landslides, and floods destroyed infrastructure and crops, leaving people homeless. The Peru-UK Reconstruction Agreement...

Indonesia Ratifies Free Trade Agreement with Australia

Indonesia Ratifies Free Trade Agreement with Australia

Indonesian lawmakers have officially ratified free trade agreements with Australia. The Indonesia-Australia Comprehensive Economic Partnership Agreement, also known as IA-CEPA, is the beginning of a new chapter of cooperation between these regional neighbors. The bilateral pact was agreed by at least 374 representative members during a plenary session on 6 February 2020.  Indonesia is a growing market for Australian goods and services exporters. In the years 2018-19, the total two-way trade in goods and services with Indonesia was worth AU$17.8 billion (approximately US$11.8 billion), making Indonesia the thirteenth-largest trading partner of Australia. The partnership agreement between Australia and Indonesia will provide both countries’ businesses with opportunities to expand and diversify this partnership. Cooperation objectives from the Indonesia-Australia free trade agreement There are three key objectives set out in the trade agreement in order to increase the effectiveness of economic institutions and infrastructure, improve human development for a productive society, and create an inclusive society through effective governance. Objective 1: Effective economic institutions and infrastructure Strengthening economic institutions and infrastructure is important to Indonesia's development. Australia is helping Indonesia to increase inclusive growth and productive jobs through its public policy and regulatory settings.  The two countries are also working to strengthen access to agricultural markets for farmers in Eastern Indonesia, driving economic development and...

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