U.S. Chamber Welcomes U.S.-Peru Trade Deal

WASHINGTON, D.C. — The United States Chamber of Commerce welcomed today's announcement that the United States has concluded negotiations with Peru as a first step toward a regional trade deal called the U.S.-Andean Trade Promotion Agreement (USA-TPA). Negotiations are continuing with Colombia and Ecuador.

"This agreement spells opportunity for business and agriculture in the United States and Peru," said Chamber President and CEO Thomas J. Donohue. "It also sends a message to our friends and allies in the Andean region about our commitment to democracy, the rule of law, workers' rights, and transparency in business and government."

Trade with the Andean countries is already lending strength to the U.S. economy. U.S. trade with the region reached nearly $24 billion in 2004, with exports surging by almost 20%. Trade and investment with these countries sustains tens of thousands of U.S. jobs.

U.S. exports to Andean countries currently face an average tariff of 12%. At the same time, the U.S. market had virtually no tariffs on imports from these growing economies under the 1991 Andean Trade Preference Act. USA-TPA will fix this imbalance by making this trade relationship mutually beneficial and reciprocal.

The agreement will immediately eliminate most tariffs on U.S. manufactured exports, with other barriers phased out over a few years. It will also strengthen intellectual property and investor protections, open services markets, and enhance transparency in government procurement, according to the Chamber.

The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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