the U.S.-Peru Trade Promotion Agreement (PTPA) entered into force.1 Signed in April 2006, the PTPA was later revised by the parties to reflect a May2007 agreement between the U.S. administration and key members of Congress addressing concerns regarding labor, environmental, and intellectual property issues.2 “Fast-track” authorizing legislation was enacted in December 2007,3 and President Bush executed an implementing proclamation in January 2009.4 The United States now has such agreements in force with two South Amer ican countries; the corresponding agreement with Colombia, also signed in 2006, remains in abeyance because of congressional concerns.5 Like other U.S. bilateral investment treaties and trade agreements, Chapter 10 of the PTPA establishes a detailed regime of protections for both parties’ investors, including the investment disciplines generally found in contemporary U.S. investment agreements: national and most favored-nation treatment; treatment in accordance with customary international law, includ ing fair and equitable treatment and full protection and security; rules regulating expropriation and assuring compensation; guarantees of free transfer of funds; and restrictions on perfor mance requirements.
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