Political Quotes

“I thank you for the time and rise in support of H.R. 3688, the U.S.-Peru Trade Promotion Agreement. Peru has been a longstanding ally in the region with the war against illegal narcotics and has committed to opening its markets and providing American businesses, farmers, ranchers and workers the opportunity to establish economical ties in that country. Because of globalization and the benefits of growing business, cultural, and technological connectivity, Peru has become one of the fastest growing economies in Latin America with an 8 percent GDP growth in 2006. Our two-way trade with Peru has doubled over the last three years reaching $8.8 billion in 2006, with U.S. exports reaching $2.9 billion. However, because of the most-favored nation tariff rates and the various preference programs, including the Andean Trade Preference Act and the Generalized System of Preferences, 98 percent of Peru's exports enter the U.S. duty free. While Peru's number one source of imports comes from the United States, U.S. products are subject to tariffs as high as 20 percent. With this agreement, the playing field will even out for U.S. businesses and move us from a one sided agreement to a full partnership. Once this agreement enters into force, 80 percent of U.S. consumer and industrial products will enter Peru duty free, while remaining tariffs phase out over ten years. Like our past free trade agreements, Peru will prove to be beneficial to the U.S. economy.”