Business Roundtable Urges Prompt Congressional Action on US-Peru TPA

Castellani Says Agreement Will Give American Products and Services the Same Duty-free Access to the Peruvian Market as Their Products Enjoy Here

Washington, D.C. - Business Roundtable, an association of 160 CEOs of leading U.S. corporations, today applauded the House Ways and Means Committee for holding a hearing on the U.S.-Peru Trade Promotion Agreement (TPA) and urged both chambers to quickly move forward on the bi-lateral trade deal.

"Business Roundtable is committed to ensuring that the U.S.-Peru TPA is approved by Congress expeditiously," said John J. Castellani, President of Business Roundtable. "The agreement is a critical step in expanding free trade and encouraging economic growth both in the United States and with an important nation in our hemisphere. We urge both the Ways & Means and Finance Committees to schedule their mock mark-up as soon as possible."

"The U.S.-Peru TPA will level the playing field for U.S. exports to Peru by rapidly removing barriers on a significant percentage of U.S. exports. It is a comprehensive agreement that will provide meaningful commercial opportunities for American businesses and their employees."

"Swift congressional action on the U.S.-Peru TPA will allow American exporters to benefit from the same access their Peruvian counterparts already enjoy in the U.S. market."

"It is time to make free trade a two-way street by giving American products and services the same duty-free access to the Peruvian market as their products enjoy here," Castellani concluded. "This will lead to an increase in exports, benefiting U.S. business, workers and farmers."

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Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with over $4.5 trillion in annual revenues and more than 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock market and represent nearly a third of all corporate income taxes paid to the federal government. Collectively, they returned more than $110 billion in dividends to shareholders and the economy in 2005.

Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with $86 billion in annual research and development spending - nearly half of the total private R&D spending in the U.S.

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