Business Roundtable Applauds Bipartisan Senate Passage of the U.S.-Peru Trade Promotion Agreement

Business Roundtable commended the Senate today for passing the Peru trade promotion agreement (PTPA) and for demonstrating their bipartisan commitment to advancing the U.S. trade agenda and maintaining the United States’ position as a leader in the global economy.

“Today's approval of the U.S.-Peru trade promotion agreement adds momentum to America's international trade agenda," said John J. Castellani, president of Business Roundtable. "We are gratified that the House and Senate have approved this agreement, and see today's vote as proof that Congress is willing to support a positive, bipartisan trade agenda.”

The United States already exports more than $2 billion in goods per year to Peru, a figure that will grow upon implementation of the U.S.-Peru trade promotion agreement. Passage of the Peru TPA will also remove barriers to U.S. goods and services with 80 percent of U.S. exports of consumer and industrial products to Peru becoming duty-free immediately, and remaining tariffs phased out over 10 years.

“The passage of the Peru trade agreement is a clear sign that our leadership is invested in leveling the playing field for our exporters in the Peruvian market,” Castellani continued.  “Our competitors are actively pursuing trade agreements, giving their exporters and economy an edge over U.S. businesses, workers and farmers; the Peru TPA is a step in the right direction to ensure that we will not be left behind.”

Castellani applauded Senate Finance Committee Chairman Max Baucus and Ranking Member Chuck Grassley for making today’s bipartisan vote a reality and urged continued bipartisan support in securing the passage of the remaining pending pacts with Colombia, Panama and Korea.

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Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with $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 markets and represent over 40 percent of all corporate income taxes paid. Collectively, they returned $112 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 $90 billion in annual research and development spending – nearly half of the total private R&D spending in the U.S.

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