China, Peru, Trade and Textiles

By May 17, 2007Trade

Yet another reason to move forward on free trade agreements, specifically, with Peru. Otherwise, China beats us to the punch.

China and Peru launched the first joint feasibility study in Beijing on building a free trade zone in the past two days, and pledged to conclude the study within three months, said Wang Xinpei, spokesman for the Ministry of Commerce on Wednesday.

The two sides have worked out the major responsibilities of the joint feasibility study committee and a research outline for the study, Wang told a routine press conference…Statistics show that the bilateral trade reached 3.92 billion U.S dollars between the two countries in 2006, an increase of 35.8 percent over the previous year, since the two countries forged the diplomatic ties in 1971 and a further cooperative relationship in 2005.

On a related note, 13 trade associations representing the textile industry have just sent a letter to President Bush urging adoption of the free trade agreements with Peru and Colombia.

Time is of the essence if we hope to retain a strong and economically vibrant textile and apparel industry in this country by ensuring a strong trade relationship with our partners in Peru and Colombia. Please help us by ensuring approval of the U.S./Peru and the U.S./Colombia Trade Promotion Agreements before the end of June 2007.