BREAKING NEWS: Bush Puts US-Peru FTA Deal Into Effect!

Just a few moments ago, President Bush proclaimed the approval of the US-Peru FTA agreement!!

This is a very important accomplishment for Peru on its way to become an economic leader in Latin America and in the world — and of course will also bring foreigners closer to Peruvian goods in the U.S.

Click here to read President Bush’s Proclamation signed today.

As the Associated Press (via BusinessWeek) reports:

U.S. Trade Representative Susan Schwab says it is the first free trade pact to reflect enhanced labor and environmental standards outlined in an accord the Bush administration reached with Congress in 2007.

For the first time in history, Schwab said, U.S. exporters will be able to sell the vast majority of their products in the Peruvian market duty-free.

Two-way trade between the two nations totals more than $9 billion a year. For Peru, the pact will make permanent and build on temporary trade preferences that have benefited Peruvian farmers, workers and entrepreneurs through the Andean Trade Preference Act.

The Office of the U.S. Trade Representative issued this press release (full version click here):

WASHINGTON, DC – U.S. Trade Representative Susan C. Schwab made the following statement today regarding the entry into force of the United States–Peru Trade Promotion Agreement:

“With the President’s issuance of a proclamation to implement the U.S.-Peru Trade Promotion Agreement as of February 1, 2009, I am very pleased to be able to celebrate the entry into force of this important trade agreement.

“We have worked closely with the Government of Peru to ensure that the obligations and responsibilities of each party have been met under this Agreement. We have engaged in this effort as true partners, and I want to thank President Garcia and his government for their hard work and dedication over the course of the last year.

“I want to thank those in Congress who worked with the Administration to develop a bipartisan trade policy template, paving the way for the approval of the U.S.-Peru Trade Promotion Agreement. This is the first free trade agreement (FTA) in force that will reflect the enhanced labor and environmental standards set out in the May 10, 2007, agreement between the Administration and the congressional leadership.

“Today’s proclamation marks an important milestone in our relationship with Peru, one of our strongest allies in Latin America. For the first time in history, American exporters will be able to sell the vast majority of their products into the Peruvian market duty-free. Through this Agreement, we have seized the opportunity to lead by strengthening our partnership and helping promote economic growth, prosperity and well being in Peru and throughout the hemisphere.”

“Trade and trade expansion will be a vital component of our effort to restore economic growth in the global economy. The additional market openness brought by this agreement will enhance our trade and prosperity in the future and support existing and future high-paying American jobs, particularly in manufacturing and agriculture.”

Very exciting! Looks like it will be an amazing year for Peru despite the global economic crisis!