ABSTRACT

U.S.-Peru Economic Relations and the U.S.-Peru Trade Promotion Agreement [November 6, 2007]   [open pdf - 148KB]

"On December 7, 2005, the United States and Peru concluded negotiations on the U.S.-Peru Trade Promotion Agreement (PTPA). President Bush notified the Congress of the United States' intention to enter into the PTPA on January 6, 2006, and the agreement was signed on April 12, 2006 by U.S. Trade Representative Rob Portman and Peruvian Minister of Foreign Trade and Tourism Alfredo Ferrero Diez. The 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. The approval and implementation of a PTPA is a high priority for the Peruvian government. Peruvian President Alan García has met with President Bush and Members of Congress on several occasions in the United States to stress the importance of the agreement for Peru. […] The House is expected to consider the implementing legislation (H.R. 3688) for the U.S.-Peru FTA during the week of November 5, 2007 under the Trade Promotion Authority which requires an expedited process with limited debate and an up or down vote. Implementing legislation has not been introduced. On June 28, 2006, the Peruvian Congress voted 79 to 14 to approve the PTPA. On May 10, 2007, Congress and the Administration reached an agreement on a new bipartisan trade framework that calls for the inclusion of core labor and environmental standards in the text of pending and future trade agreements. On June 25, 2007, the United States reached an agreement with Peru on legally-binding amendments to the PTPA on labor, the environment, and other matters to reflect the bipartisan agreement of May 10. On June 27, 2007, Peru's Congress voted 70 to 38 in favor of the amendments to the PTPA. This report will be updated as events warrant."

Report Number:
CRS Report for Congress, RL34108
Author:
Publisher:
Date:
2007-11-06
Copyright:
Public Domain
Retrieved From:
Via E-mail
Format:
pdf
Media Type:
application/pdf
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