The American Farm Bureau Federation Board of Directors voted Wednesday to support the Peru Trade Promotion Agreement. According to AFBF, the agreement would benefit all U.S. agriculture sectors and allow the United States to become a competitive supplier of agricultural products to Peru.
AFBF economic analysis shows that the total increase in U.S. farm exports associated with the PTPA could exceed $705 million per year after full implementation in 2025.
"The agreement will expand exports of a wide-range of farm products," says AFBF President Bob Stallman. "It also levels the playing field by providing U.S. products exported to Peru with the same duty-free access already enjoyed by Peruvian products exported to the United States."
The duty-free access will allow the United States to compete with Peru's other Latin American trading partners that are currently supplying a large portion of the Peruvian food and fiber market.