With the support of all seven of Colorado's representatives (must be those multinationals based in Bailey and the money-center banks headquartered in Grand Junction), the House voted last night to extend NAFTA rules to Peru.
This is a good thing for both the US and for Peru, for a variety of reasons. Peruvian goods basically flow freely into the US, the deal does more to lower Peruvian barriers to US goods than the other way around. It helps serve as a counter-weight to Chavezism-Castroism in Latin America, although some people have never forgiven them for defeating Shining Path. It draws Peru more tightly into US economic orbit. Their #2 trading partner is China, so unless you're expecting to see some of that wealth circle around in the form of campaign contributions, strategically it's probably better to have them trading with us.
From Peru's point of view, their economy is miniscule compared to the US, about 1.5% of our GDP. So anything that helps boost their economy will disproportionately help lift their people out of poverty. Our total trade deficit with Peru is $3 billion annually (or about $1.2 billion at the official exchange rate). Hardly something to be scared of.