Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Seven African countries' economies at risk over Brexit decision

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

REVISITED

Video: Ugandan city still scarred by Lord's Resistance Army atrocities

Read more

MEDIAWATCH

#Brexit sparks a storm on social media

Read more

BUSINESS DAILY

Markets, pound plunge on Brexit vote

Read more

Free trade deal goes into effect

Latest update : 2009-01-16

The United States and Peru have launched a free trade deal which took effect when it was signed by President George W. Bush on Friday, the White House said in a statement. The presidential order made official a treaty signed in April 2006.

AFP - The United States and Peru launched a free trade deal which took effect when it was signed by President George W. Bush on Friday, the White House said in a statement.
   
"With the president's issuance of a proclamation to implement the US-Peru Trade Promotion Agreement as of January 16, 2009, I am very pleased to be able to celebrate the entry into force of this important trade agreement," said US Trade Representative Susan Schwab.
   
"We have worked closely with the Government of Peru to ensure that the obligations and responsibilities of each party have been met under this Agreement. We have engaged in this effort as true partners, and I want to thank President (Alan) Garcia and his government for their hard work and dedication over the course of the last year," the statement added.
   
The presidential order made official the intent of the treaty signed April 12, 2006 between the US and the Andean nation, and amended June 25, 2007, a White House statement said.
   
The deal was the fruit of tough negotiations that required Peru to change some of its labor legislation to bolster rights to collective bargaining and unionization.
   
"This is the first free trade agreement in force that will reflect the enhanced labor and environmental standards set out in the May 10, 2007, agreement between the Administration and the congressional leadership," the US statement added.
   
US-Peruvian bilateral trade is currently worth about 9.4 billion dollars annually.

Date created : 2009-01-16

COMMENT(S)