Trade Fact of the Day
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total March exports of $148.5 billion and imports of $206.7 billion resulted in a goods and services deficit of $58.2 billion.
About Trade
"Trade fosters human opportunities that build hope and give people a stake in their society's success."
John D. Negroponte
Deputy Secretary of State
September 18, 2007
U.S.- Peru Trade Promotion Agreement
The United States and Peru signed the United States-Peru Trade Promotion Agreement (U.S.-Peru TPA) on April 12, 2006. The Peruvian Congress ratified the Agreement in June 2006 and a protocol of amendment in June 2007. On December 14, 2007, President Bush signed the United States-Peru Trade Promotion Agreement Implementation Act. The Agreement will enter into force once Peru has taken the necessary steps to ensure implementation of its obligations.
Why a Peru Trade Promotion Agreement?
The U.S.-Peru TPA is a tremendous opportunity for U.S. exporters. It will give U.S. companies improved access to a strong market and improve the business climate in Peru as the country enacts the necessary domestic reforms required to implement the Agreement.
Why Peru?
Peru has the potential to be a great place to do business. Trade with Peru offers expanded economic opportunities for U.S. manufacturers, workers, and farmers. It is a growing market for U.S. exporters and a good economic and policy partner to the United States. A trade promotion agreement gives us a framework to make Peru a better place to do business. In addition, the agreement with Peru helps further U.S. trade and policy objectives in the region.
What’s in it for me? - The U.S.-Peru TPA has plenty to offer U.S. exporters, service providers and investors. Specifically, the U.S.-Peru TPA:
- Levels the playing field for U.S. companies – a significant portion which will enjoy immediate duty free access to the Peruvian market.
- Provides new market access for U.S. consumer and industrial products such as textiles and agricultural products.
- Provides unprecedented access to government procurement.
- Liberalizes the services sectors.
- Opens the Peruvian market to remanufactured goods.
- Protects U.S. investments in the region.
- Strengthens protections for U.S. intellectual property holders.
- Improves customs facilitation.
- Provides benefits to small and medium sized exporters.
- Addresses government transparency and corruption, worker rights, protection of the environment, trade capacity building and dispute settlement.
- Requires important reforms of the domestic legal and business environment that are key to encouraging business development and investment.
About the U.S.-Peru Trade Promotion Agreement
