U.S. And Peru – Economic Allies

"Peru," said President Barack Obama, "is one of our strongest and most reliable partners in the hemisphere." During the recent visit of Peru's President Ollanta Humala to the United States, President Obama congratulated him for sustaining strong growth rates in Peru and for his focus on broad-based economic growth. Peru has also reduced poverty and inequality, President Obama noted.

During the visit, the two presidents also highlighted their countries’ increased cooperation on education. In addition, they discussed ways to deepen collaboration on science, technology, and the environment. Both countries pledged to continue working together to promote clean energy. President Humala welcomed President Obama’s intent to increase counternarcotics funding to Peru by more than $20 million.

U.S. And Peru – Economic Allies

The United States and Peru reaffirmed their commitment to inclusive growth by signing a Memorandum of Understanding on Promoting Growth of Micro, Small and Medium enterprises, which supports further collaboration on the Small Business Network of the Americas and Women’s Entrepreneurship in the Americas initiatives.

For both the United States and Peru, economic growth is dependent on the continued expansion of the global marketplace. That's why both countries are working together to finalize the Trans-Pacific Partnership, or TPP, a high-standard 21st century trade agreement that offers the possibility of opening up markets throughout the Asia Pacific.

Peru is also a partner in the Asia-Pacific Economic Cooperation forum, or APEC, and the Pathways to Prosperity in the Americas Initiative. Peru has encouraged the sharing of best practices to help small and medium-sized enterprises green their production practices and improve market access for sustainably produced goods.

Peru remains a key bilateral trading partner for the United States. February 1, 2013, marked the four-year anniversary of the United States-Peru Trade Promotion Agreement. In 2012, two-way trade in goods between the United States and Peru reached $15.8 billion, and the outlook for future growth is positive.

The Trade Promotion Agreement has also yielded environmental benefits, including the Forest Sector Governance Annex, to combat illegal logging and illegal wildlife trade in Peru.

The United States and Peru continue to work together to consolidate a strategic partnership for the 21st century that further enhances security, prosperity, and development in the hemisphere.