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“ANDEAN TRADE PREFERENCE ACT” mentioning the U.S. Dept of State was published in the Extensions of Remarks section on pages E214-E215 on Feb. 11, 2011.
The publication is reproduced in full below:
ANDEAN TRADE PREFERENCE ACT
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HON. DONALD M. PAYNE
of new jersey
in the house of representatives
Friday, February 11, 2011
Mr. PAYNE. Mr. Speaker, while it is my hope that the Andean Trade Preference Act has promoted trade between the Andean countries and the United States and in so doing it has acted to limit drug production, I and many of my colleagues remain deeply concerned over certain recent conduct by the Peruvian government with reference to its treatment of U.S. investment in Peru. I would ask that a letter my colleagues and I recently sent in regard to this matter be made a part of the record. And I would hope our Government would work diligently to protect the interests of our U.S. citizens in this regard. I would hope before Congress is asked to extend this Act again, the Peruvian government will have addressed this concern so that it will not be an issue when a further extension is requested.
February 8, 2011.Hon. Hillary Clinton,Secretary, Department of State,Washington, DC.Hon. Timothy F. Geithner,Secretary, Department of Treasury,Washington, DC.
Dear Madam Secretary and Mr. Secretary: We are writing you to raise a serious concern relating to the treatment of a U.S.-based company by the Government of Peru. We understand that this company has received disparate treatment by that Government and is apparently the subject of a possible expropriation. We understand that the Department of State is aware of this situation and that it has already expressed its concern to the Government of Peru.
As we understand it, Doe Run Peru (``DRP''), owned by the Renco Group, a U.S.-based holding company, owns a smelter in Peru that has been in operation for almost 100 years, though DRP has only operated the smelter since 1997. At the time that DRP acquired the smelter from the Government of Peru, DRP agreed to assume certain environmental upgrade costs associated with the smelter, and the Government of Peru assumed soil remediation costs for cleaning up the surrounding community. We understand that by 2009 DRP had invested $315 million in meeting the terms of the agreement, and, during this same period of time, and up until this date, the Government of Peru has spent nothing to fulfill its obligations.
While DRP has proposed good faith negotiations, to date the Government of Peru has refused to enter such discussions. Though DRP has completed eight and a half of the nine environmental commitments contained in the 1997 agreement, DRP has indicated its willingness to take further and additional steps, but for whatever reason the Government of Peru refuses to enter such negotiations.
We urge the Treasury Department and the State Department to work together on this matter as it raises very serious issues, particularly since the U.S. provides major funding to the Inter-American Development Bank that in turn is quite active in Peru. A de facto expropriation would raise questions about the appropriateness of further IDB investment in Peru. We would hope that your two Departments would communicate on this matter with the IDB and express the concerns of this Government and the consequences that might flow from an expropriation by the Government of Peru.
Sincerely,
Donald M. Payne,Member of Congress.
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