As a result of the U.S.-Peru Trade Promotion Agreement (TPA), 80 percent of U.S. consumer and industrial goods exports to Peru are no longer subject to tariffs. Tariffs on the rest of those products will be phased out by 2019. For agricultural products, tariffs have been eliminated on almost 90% of U.S. exports – remaining tariffs will be phased out by 2026. To be eligible for tariff-free treatment under the TPA, products must meet the relevant rules of origin.
The TPA also provides favorable access for U.S. service suppliers, as well as guarantees of protection to U.S. investors and U.S. copyrights, trademarks, and patents registered in Peru. In addition, Peru has opened up significant government procurements to U.S. bidders.
Peru is a growing market for U.S. exporters. In 2010, Peru experienced a stable exchange rate, low inflation, low unemployment, and an economic growth rate of nearly 10 percent. The U.S.-Peru TPA provides a framework to make Peru an excellent place to do business.
U.S. exports to Peru grew 37% in 2010. Principal U.S. exports to Peru in 2010 were machinery, chemicals, computer and electronics, petroleum and oil products, and transportation equipment. Fish, forestry products, wood, newspapers and books, and food products were the fastest growing sectors.