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Camp & Brady Applaud Entry into Force of U.S. – Peru Trade Promotion Agreement

January 16, 2009

Washington D.C. – Ways & Means Ranking Member Dave Camp (R-MI)and Trade Subcommittee Ranking Member Kevin Brady (R-TX) issued thefollowing statement today upon the announcement that the U.S. – PeruTrade Promotion Agreement will today enter into effect: 

Ways & Means Committee Ranking Member Dave Camp (MI-4): “This is acrucial time for our nation, and opening up new markets forAmerican-made goods will help our economy recover and create new jobsfor American workers.  To that end, I am pleased the Peru tradeagreement will now enter into effect.  This agreement supports, contains an unprecedented dispute settlement mechanism to protectour rights, and improves labor and environmental conditions in Peru.” 
“Today’s action did not come easy.  Under the agreement, Peru wasrequired, before the agreement could enter into force, to implementsignificant labor, environment, intellectual property, and other lawsand regulations, reflecting the bipartisan May 10 understanding betweenHouse Democrats, Republicans and the Administration.  With today’scertification, reflecting over fourteen months of work with Peru, I amconfident that Peru has complied with the new, rigorous commitments. Now, Peru’s markets will be finally opened to our goods, agricultureproducts, and services.”

Ways & Means Trade Subcommittee Ranking Member Kevin Brady(TX-8): “I am pleased that we have passed this important hurdle andthat we may finally begin enjoying the benefits of the agreement withPeru.  The United States has long provided Peru with preferentialaccess to the U.S. market to assist it in its fight againstnarco-traffickers. This program has been of tremendous benefit to Perubut it did not provide reciprocal benefits to U.S. exporters seekingmarkets for their goods and services.  This agreement, now that it willfinally come into effect, will lock in and expand the benefits to Peru,a longstanding trading partner, and it will open Peru’s market toexports of American-made products and services.”

“We’re already starting to see the results:  since the U.S. Congresspassed the agreement over a year ago, setting it on a path toimplementation, U.S. exports to Peru have increased by more than half,bringing us from deficit to surplus.  We can expect this trade balanceto improve even further with the agreement coming into effect, just aswe did with implementation of the CAFTA-DR agreement.  The U.S. deficitwith that region has swung to a significant surplus since the agreementwent into effect.  I look forward to the growth in exports ofAmerican-made products and services, as well as the American jobs theywill support, now that the agreement will go into effect.”