U.S.–Peru Trade Promotion Agreement
The U.S.-Peru Trade Promotion Agreement was
signed on April 12, 2006, in Washington, D.C. This comprehensive trade
agreement will eliminate tariffs and other barriers to goods and
services, promote economic growth, and expand trade between the two
Peru is already an important market for America’s farmers and
ranchers. In 2008, the United States exported a record $425
million of agricultural products to Peru. Our top exports to the
market were corn, wheat, cotton, and horticultural products.
With the Agreement in force as of February 2009, agricultural
trade between the United States and Peru will change from a
one-way street to a two-way street.
Many agricultural commodities will benefit from the agreement as
more than two-thirds of current U.S. farm exports to Peru will
became duty-free immediately upon implementation and the
remaining tariffs will be eliminated within 15 years.
Upon implementation of the agreement, U.S. agricultural exports
now receive duty-free treatment on nearly 90 percent of current
trade and all tariffs phased out for the remaining products.
Peru’s preferential treatment will be made permanent.
Peru immediately upon implementation eliminated duties on
soybeans, soybean meal, crude soybean oil, high quality beef,
almost all fruit and vegetable products, wheat, sorghum,
peanuts, whey, cotton, and the vast majority of processed
agreement also provides duty-free tariff rate quotas (or TRQs)
on standard beef cuts, chicken leg quarters, yellow corn, rice,
and dairy products.
the regulatory side, Peru has put in place OIE-consistent import
measures on meat and poultry and addressed other SPS and
technical standards issues. Peru has agreed to recognize the
equivalence of the U.S. meat and poultry inspection systems.
addition, the Agreement commits the United States to
prioritizing Peru for trade capacity building programs to assist
Peru in fully benefiting from this new partnership.
American Farm Bureau Federation predicts that this agreement,
now fully implemented, could provide $705 million in gains each
year for American agriculture. In addition, the free trade
agreement with Peru is supported by over 60 U.S. agricultural
and food associations.
For questions about the U.S.-Peru Trade
Promotion Agreement and its impact on U.S. agriculture, please contact
FAS Legislative and Public Affairs Office at (202)720-7115 or LPA@fas.usda.gov.
U.S.-Peru Trade Promotion Agreement Page