News & Insights

Council Urges Bipartisan Support, Action on Other Pending Agreements

Washington, DC – The National Foreign Trade Council (NFTC) today praised the House Ways and Means and Senate Finance Committees for promptly holding “mock” markups of the U.S.-Peru Trade Promotion Agreement (PTPA). The Ways and Means informal markup held this morning comes on the heels last Friday’s markup of the PTPA legislation in the Senate Finance Committee.

“We thank Chairmen Rangel and Baucus and Ranking Members McCrery and Grassley for making the agreement a priority and leading the charge for a strong, bipartisan vote on this well crafted and thoroughly negotiated agreement,” said NFTC President Bill Reinsch. “The informal markups pave a path forward for full Congressional approval of the agreement in the coming weeks.”

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.

“We look forward to expeditious and bipartisan approval of the agreement in the House and Senate, bringing the United States one step closer to formalizing a mutually beneficial, market-opening agreement with a Latin American ally and friend,” said Mary Irace, NFTC Vice President for Trade and Export Finance.

“Today’s committee action also signals that momentum is building for prompt consideration of agreements that have been negotiated with other countries in the region. We urge the committees to begin scheduling hearings on pending agreements with Panama, Colombia and Korea as soon as possible this year,” Reinsch concluded.

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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.