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Summary: Peru is in the process of negotiating a free trade agreement (FTA) with the USA which would eliminate trade concessions on most goods and services. This paper analyses the potential impacts of such extensive trade liberalisation for Peru. The focus is on possible short-term welfare impacts and especially on child-related welfare outcomes. Owner: Javier Escobal and Carmen Poncepdf: http://www.younglives.org.uk/pdf/WP36_final%20version.pdf