Austrade recently interviewed GroundProbe about how Free Trade Agreements (FTAs) have helped us expand into overseas markets, and what those markets now mean to our business.
As a Queensland-based business operating on a global scale, it’s imperative for our growth that we can access geographies easily and cost-effectively. Mining exists on a global scale, so we need to be able to exist on a global scale. All of GroundProbe monitoring solutions are designed and built at our head office in Brisbane, Queensland, but the vast majority of our products are shipped to mine sites outside of Australia.
GroundProbe has already benefitted from the elimination or reduction in tariffs in FTA regions – like Chile and China – while new Trans-Pacific Partnership (TPP-11) signed in March 2018 will further assist our dealings in Canada, Mexico, New Zealand and Peru, helping us to expand in those markets.
Specific to Peru, it’s the new Peru-Australia Free Trade Agreement (PAFTA) that will further increase the ease at which we can grow our business. The Australian and Peruvian mining industries are already closely integrated, so the Peru-Australia FTA to coming into force will further develop and unite the two, and allow us to expand into Peru at a much faster rate than we previously anticipated.
The Austrade case study focusses on our exports to Peru and how the new Peru-Australia FTA will benefit and help grow our business.