"This agreement solidifies a relationship with a critical ally in Latin
America. For over 14 years, Peru has enjoyed duty-free access to the
U.S. market under the Andean Trade
Preference Act, which will now be made permanent. And finally,
U.S. farmers, ranchers,
manufacturers and service providers will enjoy the same access to
Peru’s growing market.
“The overwhelming House and Senate votes in support of the
U.S. – Peru Trade Promotion Agreement
reflect the May 10 agreement on labor and environment between the Administration
and Congress, which created a path forward for bipartisan cooperation on
trade.
“With exports accounting for 40 percent of
U.S. economic growth this
past year, I look forward to working with Congress to build on the momentum of
today’s events in advancing our pending trade agreements with
Colombia, Panama and South
Korea. Passage of these three pending
agreements will provide substantial opportunities for U.S. producers
and consumers to compete in the global economy – opportunities we cannot pass
up.”
Background:
Currently, the U.S. and Peru enjoy a two-way trade
relationship of nearly $8.8 billion dollars. Upon implementation of this
agreement, 80 percent of U.S.
exports of consumer and industrial goods to Peru will enter
duty-free immediately, with remaining tariffs phased out over 10 years.
Additionally, more than two-thirds of current U.S. farm
exports will become duty-free immediately. The U.S.-Peru Trade Promotion
Agreement will level the playing field in a trade relationship that has provided
duty-free access to Peruvian products under preference programs such as the
Andean Trade Preference Act (ATPA) and the Generalized System of Preferences
(GSP). Peru’s people
will be able to continue this economic growth and enjoy greater economic and
political stability by locking in Peru’s trade relationship with the
largest market in the world.
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