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

Ways & Means Committee Ranking Member Dave Camp (MI-4): “This is a crucial time for our nation, and opening up new markets for American-made goods will help our economy recover and create new jobs for American workers.  To that end, I am pleased the Peru trade agreement will now enter into effect.  This agreement supports U.S. jobs, contains an unprecedented dispute settlement mechanism to protect our rights, and improves labor and environmental conditions in Peru.” 
 
“Today's action did not come easy.  Under the agreement, Peru was required, before the agreement could enter into force, to implement significant labor, environment, intellectual property, and other laws and regulations, reflecting the bipartisan May 10 understanding between House Democrats, Republicans and the Administration.  With today's certification, reflecting over fourteen months of work with Peru, I am confident that Peru has complied with the new, rigorous commitments.  Now, Peru’s markets will be finally opened to our goods, agriculture products, and services.”

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

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