Andean Regional Initiative. The U.S. will provide $782 million in fiscal year 2002 to the region to combat drug trafficking, strengthen democracy, and promote economic and social development.

U.S.-Peru Trade and Investment Initiative. The President and President Toledo agreed to:

• renew discussions on a bilateral investment treaty;
• intensify exchanges on the investment climate, including resolving existing investment disputes;
• organize a joint event in Lima this summer with U.S. firms and the Overseas Private Investment Corporation, the Export-Import Bank, and the U.S. Trade and Development Agency;
• organize a fall 2002 regional trade mission led by U.S. Secretary of Commerce Evans; and
• strengthen cooperation on sanitary and phytosanitary issues affecting agricultural trade.

Andean Center of Excellence for Teacher Training. The President announced that the U.S. Agency for International Development will partner with a network of institutions in Peru, Ecuador, and Bolivia to improve training of teachers and the quality of schools. The Center will be operational by year’s end.

Renewal of Peace Corps Program in Peru. Peace Corps Director Gaddi Vasquez signed an agreement to re-establish the Peace Corps program in Peru, after a twenty-seven year hiatus. Volunteers will begin arriving in August, to work on health and agricultural development projects.

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