The House of Representatives passed the Peru Free Trade Agreement Thursday morning. The bill passed 285-132 and now goes to the Senate, which should vote on it in the next few weeks and is expected to pass it.
"I look forward to an equally strong and bipartisan vote as soon as possible in the Senate, and additional successes on the Colombia, Panama, and Korea FTAs in the near future,'' says U.S. Trade Representative Susan Schwab.
The American Farm Bureau Federation, a longtime supporter of the bill, praised the House for passing this legislation.
"The Peru Trade Promotion Agreement will resolve current trade imbalances and break through barriers that have made it extremely difficult for U.S. agricultural products to compete in that country," says AFBF President Bob Stallman. "U.S. agricultural exports to Peru confront an average tariff of 18%, while 99% of Peruvian agricultural products enter the U.S. facing no tariffs. As a result of this carefully negotiated agreement, all U.S. agricultural exports – meat, fiber, grains, oilseeds, fruits and vegetables – will enter Peru duty-free after full implementation of this agreement."
According to the U.S. International Trade Commission, trade between the U.S. and Peru will grow by $1.5 billion as soon as the agreement is implemented.