Peru and Chile - March 2016
Why Peru and Chile?
The United States enjoys strong trading relationships with both Peru and Chile thanks to existing free trade agreements. In addition, both nations are part of the Trans-Pacific Partnership (TPP). Implementation of the TPP will provide an additional boost the Peruvian and Chilean economies and tighten integration with the U.S. economy, helping further expand demand for U.S. agricultural products.
The United States entered into a trade agreement with Peru in 2009 that slashed agricultural tariffs and improved market access for many U.S. products. As a result, U.S. farm and food exports to Peru have nearly tripled, reaching a record $1.25 billion in FY 2015. While bulk commodities comprise more than half of U.S. agricultural exports to Peru, the country’s steady economic growth and expanding middle class are fueling demand for higher-value, consumer-oriented U.S. exports, including dairy products, meat and poultry, prepared foods, and fresh fruits. Now that the United States enjoys access to the Peruvian market, it’s a great time for U.S. companies to make connections with Peruvian buyers and to help forge closer links between our economies.
In the Chilean market, all U.S. products enjoy duty-free access as of 2015, thanks to the U.S.-Chile Free Trade Agreement enacted in 2004. Since 2004, U.S. exports to Chile have grown more than 500 percent, totaling $803 million in FY 2015. Two-thirds of all U.S. agricultural exports to Chile are high-value, consumer-oriented products, led by red meat and poultry, dairy, prepared foods, and wine and beer. With promising projections for long-term economic stability, Chile offers a market in which U.S. products can be competitive and successful.
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