Free Trade Agreement Signed with US

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On January 16 2008 the US and Peru signed a free trade agreement that will consolidate Peru's duty-free access to the US market and eliminate duties on 80% of US industrial and consumer products entering Peru. The agreement will take effect on February 1 and will significantly improve access to the Peruvian market for US food and drink companies. However, for Peruvian firms this bill just extends and confirms there existing open access to the US market, so the immediate benefits are less obvious, and could even lead to some of their domestic market share being