110-H.R.3688

To implement the United States-Peru Trade Promotion Agreement.

9/27/2007--Introduced.

United States-Peru Trade Promotion Agreement Implementation Act - Approves the United States-Peru Trade Promotion Agreement (the Agreement) entered into with the government of Peru. Provides for the Agreement's entry into force upon certain conditions being met on or after January 1, 2008.

Authorizes the President to proclaim actions, and other appropriate officers of the U.S. government to issue regulations, necessary to ensure appropriate implementation of any provision of this Act that takes effect on the date the Agreement enters into force.

Provides for: (1) administration of dispute settlement proceedings; (2) arbitration of certain claims against the United States; and (3) specified tariff modifications.

Prescribes requirements for: (1) enforcement of textile and apparel rules of origin; (2) actions for relief from imports benefiting from the Agreement; (3) certain textile and apparel safeguard measures; and (4) enforcement of export laws governing trade of timber products from Peru.

Amends the Trade Agreements Act of 1979 to make eligible for U.S. government procurement products or services of a foreign country or instrumentality that is a party to the Agreement.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend certain customs fees for the processing of merchandise entered into the United States through December 13, 2014.

Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the amount of any corporate estimated tax installment otherwise due by a corporation with assets of not less than $1 billion in July, August, or September of 2012 to 115.75% of such amount.

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