{
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      "id": 342785,
      "date": "2009-01-26",
      "retrieved": "2016-04-07T02:51:48.581566",
      "title": "U.S.-Peru Economic Relations and the U.S.-Peru Trade Promotion Agreement",
      "summary": "The U.S.-Peru Trade Promotion Agreement (PTPA) is a comprehensive trade agreement that, upon implementation, eliminates tariffs and other barriers in goods and services between the United States and Peru. The agreement was signed on April 12, 2006 by the U.S. Trade Representative and the Peruvian Minister of Foreign Trade and Tourism. On November 8, 2007, the U.S. House of Representatives passed (285-132) implementing legislation for the PTPA (H.R. 3688). The U.S. Senate approved (77-18) legislation on December 4, 2007. President Bush signed the implementing bill for the free trade agreement on December 14, 2007 (P.L. 110-138). In Peru, the Peruvian Congress voted 79 to 14 on June 28, 2006 to approve the agreement. On January 16, 2009, President Bush issued a proclamation to implement the U.S.-Peru Trade Promotion Agreement as of February 1, 2009.\nThe PTPA will likely have a small net economic effect on the United States because U.S. trade with Peru accounts for a small percent of total U.S. trade. For Peru, the impact will be more significant because the United States is Peru\u2019s leading trade partner. In 2007, 19% of Peru\u2019s exports went to the United States, and 18% of Peru\u2019s imports were supplied by the United States. In that same year, Peru accounted for 0.3% of total U.S. trade. Peru ranks 41st among U.S. export markets and 44th as a source of U.S. imports. The dominant U.S. import item from Peru is copper followed by petroleum oils and related products. The leading U.S. export item to Peru is petroleum oils and related products, followed by wheat and meslin. \nUpon implementation, the PTPA will eliminate duties on 80% of U.S. exports of consumer and industrial products to Peru. An additional 7% of U.S. exports will receive duty-free treatment within five years of implementation. Remaining tariffs will be eliminated ten years after implementation. The PTPA will make the preferential duty treatment for selected U.S. imports from Peru permanent. The United States currently extends duty-free treatment to imports from Peru under the Andean Trade Preference Act (ATPA; Title II of P.L. 102-182), enacted on December 4, 1991 and reauthorized under the Andean Trade Promotion and Drug Eradication Act (ATPDEA; Title XXXI of P.L. 107-210). The preference program is scheduled to expire on December 31, 2009.\nThe 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). When negotiators failed to reach an agreement, Peru continued negotiations with the United States on a bilateral basis and concluded the agreement in December 2005. Implementing legislation for the PTPA was considered by the U.S. Congress under Title XXI (Bipartisan Trade Promotion Authority Act of 2002) of the Trade Act of 2002 (P.L. 107-210), which requires an expedited process with limited debate and an up or down vote. In June 2007, the United States and Peru reached an agreement to a number of legally binding amendments to the PTPA that were subsequently approved by both countries on labor, the environment, and other matters. House Democratic leaders have stated that the PTPA has potential to improve the standards of living in the United States and Peru but they have expressed concerns about Peru\u2019s labor laws and the lack of protection for workers\u2019 rights in Peru, especially with regard to freedom of association. Other Members of Congress have expressed strong support for the PTPA and for the government of Peru in its efforts to strengthen laws and regulations on labor, environment, and intellectual property. This report will be updated as events warrant.",
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      "id": "RL34108_2007Jul27",
      "date": "2007-07-27",
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