After 18 months of negotiations, the U.S. has reached a free-trade agreement with Peru, U.S. Trade Representative Rob Portman announced on Dec. 7. The U.S. continues to negotiate with Colombia and Ecuador in an effort to extend the agreement to those Andean countries. "In addition to eliminating tariffs, Peru will remove barriers to trade in services, provide a secure, predictable legal framework for U.S. investors operating in Peru, provide for effective enforcement of labor and environmental laws, protect intellectual property and provide an effective systems to settle disputes," Portman said.
Last year, bilateral trade in goods between the U.S. and Peru totaled $5.8 billion. U.S. goods exports were $2.1 billion, with machinery, plastics, cereal and mineral fuels topping the export list.
Before the agreement can take effect, it must be approve by Congress.