From Lima, Ohio, to Lima, Peru, this trade agreement will mean growth and opportunity for workers, farmers and business," said Dan Christman, senior vice president of international affairs at the Washington, D.C.-based U.S. Chamber of Commerce. He was referring to the trade promotion agreement that the U.S. and Peru signed on April 12.
The agreement, which must be approved by Congress before it can be implemented, envisions 80% of U.S. exports of consumer and industrial products to Peru becoming duty-free immediately upon implementation. The remaining tariffs would be phased out over 10 years.
Peru also agreed to allow trade in re-manufactured goods and pledges to join the World Trade Organization's information technology agreement.
The pact would permit "in almost all circumstances" U.S. investors to establish, acquire and operate investments in Peru "on an equal footing with local investors," according the Office of the U.S. Trade Representative.
"We hope to bring Colombia and Ecuador into this agreement as soon as they are ready so that no one misses out on the benefits of trade," said Rob Portman, the U.S. Trade Representative.