Peru: U.S.-Peru TPA a Win-Win for Both Partners
The U.S.-Peru Trade Promotion Agreement (PTPA) has led to record food and agricultural product exports for both countries. Following the PTPA’s entry into force (February 1, 2009), bilateral trade between the two partners jumped from $1.4 billion to $2.3 billion in 2013 – a 60 percent increase. In calendar year (CY) 2014, bilateral trade reached a record high of $3.1 billion, up nearly 34 percent compared to 2013 and up 115 percent compared to CY 2009. In CY 2014, U.S.-origin food and agricultural product exports reached a record high of over $1.2 billion, up 52.5 percent compared to 2013 thanks to record U.S. corn exports ($472 million) to Peru. Exports of consumer-oriented products at a record $236 million account for nearly a fifth of total U.S. food exports to Peru and are forecast to continue expanding the next five years.
