U.S.-Peru Economic Relations and the U.S.-Peru Trade Promotion Agreement

Download or read book U.S.-Peru Economic Relations and the U.S.-Peru Trade Promotion Agreement written by and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States and Peru concluded the U.S.-Peru Trade Promotion Agreement (PTPA) on December 7, 2005 and, on April 12, 2006, U.S. Trade Representative Rob Portman and Peruvian Minister of Foreign Trade and Tourism Alfredo Ferrero Diez Canseco signed the agreement. The proposed PTPA is a comprehensive trade agreement that, if approved by Congress, would eliminate tariffs and other barriers in goods and services trade between the United States and Peru. A free trade agreement with Peru is one of several bilateral free trade agreements (FTAs) negotiated or being considered by the United States with Latin American countries in its effort to advance free trade throughout the region. Peru s President Alan Garc a views the pending agreement as fundamental to reforms Peru has taken for economic growth and social redistribution. The PTPA negotiations began in May 2004, when the United States, Colombia, Peru, and Ecuador participated in the first round of negotiations for a U.S.-Andean free trade agreement (FTA).1 After thirteen rounds of talks, however, negotiators failed to reach an agreement. Peru continued negotiations alone with the United States and concluded a bilateral agreement in December 2005. On January 6, 2006, President Bush notified the Congress of his intention to enter into a free trade agreement with Peru. Colombia also continued negotiations with the United States in January 2006, and this agreement was concluded on February 27 and signed on November 22, 2006.