President Transmits the U.S.-Peru FTA Implementing Legislation to Congress
The White House has posted a September 27, 2007 letter from President Bush to Congress transmitting legislation and supporting documents to Congress to implement the U.S.-Peru Trade Promotion Agreement (PTPA).
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(International Trade Commission (ITC) sources have previously stated that the term "trade promotion agreement" (TPA) is essentially interchangeable with the term "free trade agreement" (FTA).)
According to his letter to Congress, President Bush notes that the PTPA:
would immediately eliminate tariffs on approximately 80% of U.S. exports;
would make almost 90%, by value, of current U.S. agricultural exports able to enter Peru duty-free immediately; and
would contribute to improved worker rights and high levels of environmental protection in Peru.
House and Senate Committees Have Approved "Draft" Implementing Legislation
On September 21, 2007, the Senate Finance Committee approved, by a vote of 18 to 3, "draft" legislation to implement the U.S.-Peru FTA. On September 25, 2007, the House Ways and Means Committee approved the "draft" U.S.-Peru FTA implementing legislation by voice vote.
The Senate Finance Committee notes that its consideration of the "draft" legislation was the only opportunity for Congress to offer amendments to the Administration's proposed legislation as the final version of the U.S.-Peru FTA implementing legislation will not be able to be amended by Congress.
It is expected that if the U.S.-Peru FTA implementing legislation is approved by Congress (both the House and Senate), it would then be signed into law by the President, who would subsequently issue a proclamation implementing the U.S.-Peru FTA.
(See ITT's Online Archives or 12/13/05 news, 05121305, for BP summary of the conclusion of the PTPA. See ITT's Online Archives or 01/11/06 news, 06011105, for BP summary of the President's notification to Congress that he intended to sign the PTPA.
See ITT's Online Archives or 04/14/06 news, 06041405, for BP summary on the signing of the PTPA.)
President Bush's letter to Congress (dated 09/27/07) available at http://www.whitehouse.gov/news/releases/2007/09/20070927-14.html.
Senate Finance Committee press release on draft implementing legislation (dated 09/21/07) available at http://finance.senate.gov/press/Bpress/2007press/prb092107a.pdf.
House Ways and Means Committee press release on draft implementing legislation (dated 09/25/07) available at http://waysandmeans.house.gov/news.asp?formmode=release&id=563.