On November 8, 2007, the U.S. House of Representatives approved the U.S.-Peru Trade Promotion Agreement. On December 4, 2007, the U.S. Senate approved the agreement. On December 14, 2007, the President of the United States signed H.R. 366, the United States-Peru Trade Promotion Agreement Act. On February 1, 2009, the U.S.-Peru trade agreement (commonly known as the U.S.-Peru Free Trade Agreement) came into force. The agreement improves the overall climate of trade and investment, including deranging tariffs on many products, speeding up the clearance process for U.S. imports, and strengthening the protection of intellectual property rights. Environmental protection obligations and cooperation: the agreement requires contracting parties to effectively enforce their own national environmental laws and to adopt, maintain and implement laws, regulations and all other measures necessary to meet these obligations. The „Environment“ chapter contains a groundbreaking annex to forest sector management, which discusses the environmental and economic consequences of trade with respect to illegal logging and the illegal trade in wild animals. It also contains provisions that recognize the importance of preserving and protecting biodiversity and create a public bidding process with an independent secretariat for the environment to ensure that civil society`s views are properly taken into account.
Peru Trade Promotion Agreement (TPA) Text: The full text of the agreement. Peru`s trade agreement (PETPA, sometimes referred to as Peru`s free trade agreement) came into force on 1 February 2009. Currently, the vast majority of Peruvian products arrive in the United States duty-free and free of charge and will almost all arrive in the United States free of charge until the full implementation of the agreement in 2025. New opportunities for U.S. farmers and farmers: PTPA creates new opportunities for increased U.S. agricultural exports to Peru. More than two-thirds of current U.S. agricultural exports were exempt from tariffs immediately after the agreement came into force. Tariffs on most LAND production products in the United States will expire within 15 years and all tariffs will be eliminated by 2026. The U.S.-Peru Free Trade Agreement (PTPA) came into force on February 1, 2009. The PTPA removes tariffs and removes barriers to U.S. services, provides a safe and predictable legal framework for investors, and strengthens the protection of intellectual property, workers and the environment.
The PTPA was the first existing agreement that contained innovative environmental and workers` rights provisions introduced as part of the multi-party trade policy agreement developed by congressional leaders on 10 May 2007.