U.S. - Peru Free Trade Agreement Now Effective

The United States and Peru saw the fruition of the two countrys' efforts of negotiating a bilateral free trade agreement, when the U.S.-Peru Free Trade Agreement (FTA) took effect on February 1, 2009.
On January 16th, then-President George W. Bush issued a proclamation to implement the FTA passed by the U.S. Congress in December 2007. The Peruvian President, the Honorable Alan Garcia, also signed a similar proclamation making its path towards implementation complete.
The agreement removes tariffs from 80 percent of U.S. exports to Peru, including goods such as beef, cotton, wheat and soybeans. The FTA also includes unprecedented labor protections and environmental standards.

The state of Texas currently exports the highest volume of U.S. goods abroad, according to the U.S. Department of Commerce, and it also leads the nation in exports to Peru. In 2008, the DFW region alone conducted approximately $12.9 billion in total trade with Peru.

Under the new Obama Administration, Congress continues its consideration of free trade agreements with Colombia, Panama, and the Republic of Korea. However, challenges still remain for these free trade agreements. The Senate Finance Committee held a confirmation hearing on March 9th for President Obama's nominee for the U.S. Trade Representative, former Dallas Mayor Ron Kirk. According to Congressional Quarterly, Kirk is expected to be confirmed by the committee at a hearing on Thursday.

The Dallas Regional Chamber supports the continued development of free trade agreements as open markets help DFW businesses succeed. The Chamber encourages Congress to consider trade agreements in 2009.

For more information on the Chamber's international legislative initiatives, contact Jane Edson at (214) 712-1937 or jedson@dallaschamber.org.
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