Washington, D.C. – The National Foreign Trade Council (NFTC) today praised the House Ways and Means Committee for its overwhelming bipartisan approval (39-0) of the U.S.-Peru Trade Promotion Agreement (PTPA) during a markup held this morning. The committee’s action paves the way for a vote on the House floor as early as next week.
“Today’s Ways and Means Committee approval of the Peru legislation sends a clear message that there is strong bipartisan support for the trade agreement,” said NFTC President Bill Reinsch. “As the Peru agreement is the first in the series of pending agreements that implement the provisions of the May 10 agreement reached between the Administration and Congress, we urge the House to support it.”
“We hope that both the House and Senate will complete action on the Peru agreement within the next few days, and that Congress will then take up other important
FTAs awaiting approval,” said Mary Irace, NFTC Vice President for Trade and Export Finance.
The PTPA will expand market access for U.S. farmers and ranchers and open the Peruvian services sector to U.S.-based firms. In 2006, U.S. goods exports to Peru
totaled $2.9 billion, an increase of more than 25 percent from the previous year. The PTPA will allow for continued and increased market access for U.S. goods, including machinery, electronics, plastics and agricultural products.U.S. services suppliers also stand to gain in the areas of telecommunications, finance, energy, construction and transportation, among others.
Advancing Global Commerce for Over 90 Years
The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.