Free trade deal goes into effect
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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.
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