With just hours remaining in his Presidency, George W. Bush signed a proclamation implementing the U.S.-Peru Trade Promotion Agreement. The agreement is significant to U.S. farmers because more than two-thirds of current U.S. farm exports are now duty-free. Other tariffs on agricultural products will be phased out within 15 years.
The agreement also creates a Trade Capacity Building Committee, which will help Peru build its capacity to implement the obligations of the Agreement and to benefit more broadly from the opportunities it creates. Assistance programs to be discussed include programs for farmers.
Senator Chuck Grassley, R-Iowa, said it's good to see that after a lot of work on the part of this Administration and the Peruvian government, the trade agreement has entered into force. However trade agreements with South Korea, Panama and Columbia are still awaiting Congressional approval. Grassley said increasing international trade can play an important role in the U.S.'s economic recovery.
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