News & Insights

Urges Bipartisan Congressional Support of Import Trade Agreement

Washington, DC – The National Foreign Trade Council today applauded the Senate Finance Committee for its prompt consideration of the U.S.-Peru Trade Promotion Agreement (TPA).  The hearing comes less than two days after the Peruvian Congress ratified the bi-lateral trade deal.

“The strong Peruvian vote on the TPA – seventy-nine in favor with only fourteen opposed – speaks to that nation’s commitment to opening their markets and creating a transparent, stable framework for trade and investment with the U.S.,” said National Foreign Trade Council Senior Vice President Anne Alonzo.  “Now, it’s time for us to show the same commitment with quick, bi-partisan action.  We commend the Senate Finance Committee for their quick response,” Alonzo added.  A hearing has also been scheduled in the House for July 12^th.

“A TPA with Peru is an excellent step in the U.S. effort to build stronger economic ties  to other nations in the Western Hemisphere and encourage economic growth and stability across the region,” Alonzo said.

As was the case last year with regard to the Central American Free Trade Agreement, the American Hispanic community is expected to play a crucial role in generating Congressional support for the U.S.-Peru TPA.  “Hispanic American business owners often have a leg up when seeking export opportunities in Central and South America, as they can leverage language, cultural and family ties,” said Alonzo, who also serves as Co-Chair of the Hispanic Alliance for Free Trade. 

More broadly, the agreement is expected to be of considerable benefit to many American businesses.  Over 5,000 U.S. companies currently export their products to Peru – and over 4,000 are small and medium-sized businesses.  While most Peruvian products already enter the U.S. duty free under the Andean Trade Preference Act, U.S. goods and services routinely face an average weighted tariff of 9 to 10 percent.

“This is an important agreement.  We’re encouraged by both chambers’ quick scheduling of hearings.  We hope they will follow with the bi-partisan support this comprehensive agreement merits,” Alonzo concluded.

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.