News & Insights

Urges House Ways and Means Committee to Schedule Hearing on Trade Deal

Washington, DC – The National Foreign Trade Council (NFTC) today commended the Senate Finance Committee for its prompt hearing on the U.S.-Peru Trade Promotion Agreement (PTPA). The Council also urged the House to move swiftly in scheduling hearings on the agreement, noting that immediate action on the PTPA is needed to allow adequate time during this legislative session for consideration and approval of the other trade agreements pending Congressional review – Panama, Colombia and South Korea.

“We are encouraged by today’s hearing and look forward to the House scheduling both a hearing and mock markup, two important steps in the process toward approval of the trade pact,” said NFTC President Bill Reinsch. “Understanding the time constraints of this week and next, we urge the leadership of the House Ways and Means Committee to carve out time as soon as possible to consider the Peru agreement, and move forward with the other FTAs awaiting approval.”

The trade agreement, which has been updated in recent months to include additional provisions on labor, the environment and other issues consistent with the bipartisan agreement reached on May 10, will allow for continued and increased market access for U.S. goods such as machinery, electronics, plastics and agricultural products. The PTPA will also eliminate tariffs and other barriers to trade between the U.S. and Peru. Upon its entry into force, the agreement will allow 80% of consumer and industrial goods and more than two thirds of U.S. agricultural exports to be traded duty-free immediately.

“This is a solid agreement that is the result of thoughtful negotiations between the U.S. and Peruvian trade officials. This agreement is important to continue strengthening our economic ties with Peru and the Latin American region,” said Mary Irace, NFTC Vice President for Trade and Export Finance. “As the current text is representative of the bipartisan agreement on trade crafted this spring, we hope that when votes are taken this agreement receives broad bipartisan support.”

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.