Peru: Political Situation, Economic Conditions and U.S. Relations (CRS Report for Congress)
| Release Date |
Revised Jan. 15, 2008 |
| Report Number |
RS22715 |
| Report Type |
Report |
| Authors |
Miranda Jasper and Clare Ribando Seelke, Foreign Affairs, Defense, and Trade Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Peru, a coca-producing country in the Andean region of South America, has had a turbulent political history. Despite its tumultuous past, Peru has recently taken steps to consolidate its democracy and pursue market-friendly economic policies. For the past six years, Peru, a leading mineral exporter, has posted some of the fastest economic growth rates in Latin America. GDP growth reached 8% in 2006 and, despite damage caused by a recent earthquake, is expected to exceed 7% in 2007. In June 2006, former president Alan GarcÃa (1985-1990) was elected president in a close race. Since taking office, GarcÃa has embraced the proposed United States-Peru Trade Promotion Agreement (PTPA) and launched an aggressive coca eradication campaign. The United States has strong ties with Peru, with trade a key U.S. priority issue. The proposed PTPA was ratified by the Peruvian legislature in June 2006, and amended to include labor and environmental provisions in June 2007. After a trip to Peru in August 2007, congressional leaders reportedly indicated that consideration of the proposed PTPA would likely occur this fall. See CRS [Congressional Research Service] Report RL34108, 'U.S.-Peru Economic Relations and the U.S.-Peru Trade Promotion Agreement' and CRS Report RS22521, 'Peru Trade Promotion Agreement: Labor Issues'. This report will be updated periodically.
