This article evaluates the process of negotiating and implementing the U.S.‐Peru and U.S.‐Colombia free trade agreements (FTAs) and analyzes the impact of these agreements on foreign direct investment (FDI) and export diversification in Peru and Colombia. The main finding is that institutional elements in each country uniquely impacted the process of negotiation, implementation, and the outcomes of these FTAs. Colombia benefited from the initial advantage of better institutional capacity and negotiating expertise, while Peru benefited from stronger political leadership and commitment to a bilateral trade agreement with the United States. Both Peru and Colombia have benefited from structured consultation mechanisms with the private sector and non‐government agents, continuity in trade policies throughout different political administrations, and strong political commitment to develop the institutional capacity needed to take full advantage of these FTAs. Furthermore, the implementation of these FTAs has coincided with an expansion of non‐traditional exports from Peru and Colombia, and an increase in FDI into sectors other than commodities such as oil, natural gas, and minerals.

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秘鲁，哥伦比亚和美国之间的自由贸易协定

本文评估了谈判和实施美国-秘鲁和美国-哥伦比亚自由贸易协定（FTA）的过程，并分析了这些协定对秘鲁和哥伦比亚的外国直接投资（FDI）和出口多样化的影响。主要发现是，每个国家的体制要素都对谈判，实施和这些自由贸易协定的结果产生了独特的影响。哥伦比亚得益于更好的机构能力和谈判专门知识的最初优势，而秘鲁得益于更强大的政治领导力和对与美国的双边贸易协定的承诺。秘鲁和哥伦比亚都得益于与私营部门和非政府机构的结构化磋商机制，整个不同政治管理部门贸易政策的连续性，并作出强烈的政治承诺，以发展充分利用这些自由贸易协定所需的机构能力。此外，这些自由贸易协定的实施恰逢秘鲁和哥伦比亚的非传统出口扩大，以及对除石油，天然气和矿产等大宗商品以外的其他部门的外国直接投资增加。