Peru
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1. Peru is a country located on the Northwest tip of South America. Peru neighbors Bolivia, Brazil, Chile, Colombia, and Ecuador. Lima is the capital of Peru, and the country is home to over 29 million people. Peru was named in 1529, by the Spanish, after a local ruler who lived in Panama. The main language of Peru is Spanish. Peru is very rich in culture and history. However, there are many aspects about the Peruvian government and economy that shape its dynamic influence on the world today.
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2. Peru has a rapidly-changing economy. In recent years, Peru's economy has had the best performance in its division. This is mainly due to the strong mineral and hydrocarbon prices it obtains. Unfortunately, Peru's growth in gross domestic product took a fall from 9.4 percent in 2008, to 2.2 percent in 2009.
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4. Every president since Fujimori has continued the practices that flourished Peru's trade. Along with that, every president was also very friendly towards businesses which made investment and entrepreneurship possible. Peru now has the highest growth rate in all of the countries in its region.
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5. He privatized government-run companies, removed subsidies and decreased the government's role in the economy. This had a negative effect on the poor, but it also ended decades long hyperinflation and ended up creating sustainable economic growth. International lending agencies, like the world bank and the international monetary fund endorsed the changes and it renewed interest in foreign investment.
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After President Fujimori shut down congress in 1992, by 1993 there was many changes in the Peruvian business world. Fujimori made changes to the economy so that its effects were more compatible to business. When Fujimori was arrested, and found guilty of human rights violations, a new president stepped in.
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Backlash from powerful drug cartels and the failure to curb demand for the drugs are cited as reasons for finding a different solution. At the Summit of Americas, legalization of drugs was discussed as a possible alternative. Legalization would put control of the trade into governments' hands, and effectively decrease the allure for drug cartels. Without profit, they would, in theory, fade from existence. The U.S. stands firmly in opposition to this proposed policy, and Peru has been one of the few countries to stand beside the U.S.
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By being an important partner, Peru takes part in spreading democracy, stability, security and human rights throughout Latin America. One example of Peru's international involvement is its role in Canada's new aid effectiveness agenda, from which Peru was chosen by Canadian International Development Agency (CIDA) as a country of focus. The goal of the program for Peru's part is to reduce inequality, especially in the areas of educational and economic opportunities for certain excluded populations in Peru. This asserts Peru's commitment to the goals laid out by the UN and other agencies to which Peru belongs.
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However, Peru has progressed successfully because of sound macroeconomic fundamentals, acceptable fiscal reserves, and a healthy anti-crisis plan that has put Peru back on top in the face of a global economic crisis.
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Currently the US foreign policy towards Peru is strong. The two countries practice bilateralism: they have strong and like-minded political, economic, or cultural relations. The two countries signed the United States-Peru Trade Promotion Agreement in 2009, which eliminates tariffs and barriers to trade and installs regulations regarding labor rights and the environment. The agreement made it more appealing for international investors to invest in Peruvian exports, and it has resulted in close to 12 billion dollars in two-way trade.
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Despite its controversial past, Peru has an influential role in international relations. It is similar to the United States as both countries belong to many of the same international organizations, including the United Nations, Organization of American States, International Monetary Fund, Asia- Pacific Economic Cooperation forum, and World Trade Organization. Peru plays significant roles in each of the international organizations it belongs to.
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Having said this, bilateral programs are now in force to reduce the flow of drugs through Peru's port systems, put in place ground prohibitions, and develop efficient law enforcement operations. In recent years, other Latin American countries have grown weary of the escalating violence that has come from the "war on drugs" and have begun looking for good alternatives.
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Meanwhile, the U.S. continues to aid Peru. The Obama Administration offered to support Peru militarily, to which the former President Alan Garcia said, "On all matters that are humane and universal, I don't have any disagreement over sovereignty and patriotism. That is, if the Americans would like to put training troops here, as they have helicopters, as they have satellite trainers here, it's just at the right time." This quote reflects the close relationship between the two countries and their continued cooperation in fighting narco trafficking. Despite the cooperation, money and time invested in fighting drug-trafficking, the "drug war" is a continued threat to the stability of South and Central America.
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Part of what keeps the relationship between Peru and the U.S. so strong is the U.S. government's determination to stem the flow of drugs, primarily cocaine, from Peru to the United States. Peru is quickly overtaking Columbia to become the top grower of coca, the plant from which cocaine is derived. The two countries have collaborated for decades on this issue, despite the controversy over General Montesinos.
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Peru has a complicated - at times tragic - past. In recent decades it has undergone multiple dramatic changes to its government. An icon of Peru's rapidly changing and controversial government is former President Alberto Fujimori. Fujimori was elected in 1990 in a freely held, democratic election. At the time Peru's economy and infrastructure were in desperate need of reform. 90% of Peru's roads were unpaved, and the rate of inflation was at 3,000%.
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Regionally, Peru exerts a strong influence as well. Bordered by Ecuador, Colombia, Brazil, Bolivia and Chile, Peru is aligned with many regional affairs, including the UN, the WTO, the Organization of American States, the Union of South American States, etc. Peru gets along with all of its regional affairs with one exception: Venezuela.
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Tax revenue had fallen and real wages were at 40% of a decade before. Part of the issue was the chronic violence of rebel fighting that had plagued the country. Fujimori went after the rebels who had caused the violence and successfully arrested their leaders. He then took drastic measures to modernize Peru and restore international opinion by moving towards a free market economy.
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The U.S. threatened they would not recognize Fujimori's victory if these abuses continued. The U.S. changed its mind and acknowledged his victory; however, Fujimori was convicted in 2009 of multiple human rights abuses throughout that time, including the extrajudicial execution of 15 people in Lima, the murder of 9 students and a professor from a university, and other atrocities during his campaign to eliminate the guerrilla group Shining Path.
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The United States was also opposed in the beginning to Fujimori shutting down congress. However, their relations improved again with the installation with an interim government in 2000, with the introduction of Alejandro Toledo's government in July of 2001. Ever since then United States has continued to uphold the strong relationship and human right safeguards in Peru, and the last 20 years have been successful years for both the US and Peru and their collaborations.
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The only problems they ever had from each other was when Fujimori was president. Some of the US ambassadors criticized Fujimori for his democratic procedures. However, these were only minor complaints, and the US started to be okay with the diplomatic relations. Other than a few minor setbacks, there has not been much change in the past 20 years between these two countries.
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There have been some changes within foreign policy between Peru and the United States during the last 20 years. For a little over a decade, Peru and the United States had a difficult and terse relationship. Their relations became tense with the re-election of former President Alberto Fujimori in June of 2000, a move that the U.S. disagreed with due to controversy over his human rights abuses and General Montesinos corrupt dealings with narco-traffickers.
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Though he advanced Peru economically, Fujimori's presidency is controversial. His corrupt dealings influenced the massive network of corruption which involved powerful economic elites. This time period was the most corrupt in Peruvian history: in-between $1.5 billion to $4 billion was lost due to corruption.
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Venezuela also pulled out of any prior agreements the two countries were in, and ended with not good relations with Peru. While as other countries near Peru keep on good terms with each other, Venezuela is the one country that does not. Peru does not align itself with left-leaning countries. They are open to free trade, and supportive of capitalism. The president of Peru shifted in 2011 against left-leaning countries.
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Venezuela was mad at Peru when Peru signed a free-trade agreement in 2006, later going into effect in 2009. The free-trade agreement Peru enlisted in was called the Peru Trade Promotion Agreement (PTPA). This was now possible for trade agreements to be settled with South American countries. Peru eventually broke off from its regional affairs, which at the time, angered the social president of Venezuela, Hugo Chavez.
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When I met with Roy Nelson at the Thunderbird school of Global Management I was able to learn a lot about Peru in the international business realm. The first thing we talked about was the characterization of the current relations between Peru and the United States. I was quite surprised to find out how good the relations between the US and Peru are. The current president that rules over Peru contributes to practices that are very friendly to business.
Buy
an advantageous purchase
Rent
the act of rending or ripping or splitting something
