![]() Photo: Getty Images By: Inez Jaime Peru and U.S are finalizing a deal to promote American investments in the South American country as an initiative to counter Chinese support on the region. In 2018, the U.S had launched a campaign called “Growth in Americas” as a way to invest in energy in Latin America after China had invited the countries in the region to join China's global Belt and Road Initiative. This would be considered to be the first time we would see this in history. Back in the 19th century, Chinese were known to immigrate to Peru in the hopes of leading a better life. The United States had signed memorandums of understanding with the campaign and framework with the Latin American countries to join it. These memorandums included Chile, Jamaica, Panama, and Peru. Peru’s foreign ministry stated, “The Trump Administration is interested in balancing the Chinese influence in the region for some time.'' It also had been stated that Washington had taken initiative to join the campaign and evaluate the energy, the mines ministry, and the finance ministry. As we know, China had replaced the U.S as Peru’s top trading partner many years ago. They had their companies invest in projects such as this. These investments had been going on for such a long time. For example, on December 4, 1991, under the George H. W. Bush Administration, the U.S had enacted the Andean Trade Preference Act, which was to eliminate tariffs on a number of products from Latin American countries. Such as Peru, Bolivia, Columbia, and Ecuador. The objective of that tariff was to strengthen the legal industries in the countries. It had stopped for sometime but had started back up on October 31, 2002. This act had products exempted from tariffs that increased to 5,600 to 6,300 dollars. Unfortunately, this act had been set to expire on December 31, 2006, but again had been renewed a year later. As it has now been stated, this agreement is only talk for now, and has not been signed quite yet.
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