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 legal and business reforms required to implement the agreement.
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 good place to do business. In addition, an 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 who will enjoy tariff free access into Peru once the Agreement takes full effect.
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. patents, trademarks, and trade secrets.
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.