United States Trade Representative (USTR) announced the brief summary of the US-Peru Trade Promotion Agreement.
New Market Access for US Consumer and Industrial Products Eighty percent of US exports of consumer and industrial products to Peru will become duty-free immediately, with remaining tariffs phased out over 10 years.
Key US exports will gain immediate duty-free access to Peru. Peru has agreed to allow trade in remanufactured goods, and will join the WTO Information Technology Agreement.
This agreement creates important new markets for US goods. Eighty percent of US consumer and industrial products and more than two-thirds of current US farm exports will enter Peru duty-free immediately.
New Opportunities for US Farmers and Ranchers
More than two-thirds of current US farm exports will become duty-free immediately. Tariffs on most US farm products will be phased out within 15 years, with all tariffs eliminated in 18 years.
The US and Peru have worked to resolve sanitary and phytosanitary barriers to agricultural trade, especially problems in food inspection procedures for beef, poultry, and pork.
Textiles and Apparel: Promoting Cooperation and Benefits Textiles and apparel will be duty-free and quota-free immediately if the products meet the Agreement? rule of origin, promoting new opportunities for US and Peruvian fiber, yarn, fabric and apparel manufacturing.
