President Toledo has introduced the U.S. Peru Free Trade Agreement to Peru’s national legislature for a vote. The vote may happen as early as today. Toledo will be leaving office in late July. The new President of Peru, Alan Garcia noted in an interview on Monday that “he would insist on revising – line by line – the free-trade agreement that Peru’s outgoing government of President Alejandro Toledo signed with the United States in April.”
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The chances for a short term conclusion to trade negotiations between the U.S. and Ecuador were handed a major setback last week, when the national government decided to revoke its operating contract with Occidental Petroleum and seize $1 Billion of its assets. This action was taken after the energy ministry ruled that the company had acted improperly when it transferred 40% interest in its oil fields to EnCana, a Canadian oil company.