India and Peru intensify discussions on trade agreements, aiming to bolster economic ties.
The 6th round of negotiations between India and Peru for a trade agreement took place in Lima from February 12 to 14, 2024. This round marked a significant step forward in the ongoing efforts initiated in 2017 to formalise a trade agreement between the two nations.
The opening ceremony witnessed the participation of key figures, including the Vice Minister of Foreign Trade of Peru, Teresa Mera, and the Ambassador of India in Peru, Vishvas Sapkal. Both parties reiterated their dedication to the negotiation process, aiming to build on the progress made in previous rounds before the pandemic disrupted proceedings.
The discussions, involving nine working groups, focused on various aspects, including trade in goods, rules of origin, trade in services, and the movement of natural persons. With over 70 delegates from both countries participating, the meetings aimed to find pragmatic solutions and consensus to further their common objective of enhancing trade opportunities and strengthening economic ties.
The Indian delegation, comprising officials from the Department of Commerce, the Department of Revenue, and the Directorate General of Foreign Trade, engaged actively in the negotiations. Similarly, Peru’s delegation, led by the Ministry of Foreign Trade and Tourism, involved officials from various government entities, such as the Ministry of Economy and Finance and the Ministry of Agriculture.
While in-person meetings took place during this round, additional virtual meetings focusing on technical barriers to trade, sanitary and phytosanitary measures, and cooperation will follow in the coming weeks. The next round is scheduled for April 2024.
Over the years, bilateral trade between India and Peru has seen substantial growth, underscoring the importance of strengthening trade relations between the two countries. From US$66 million in 2003, trade has surged to around US$3.68 billion in 2023, reflecting the immense potential for further collaboration and partnership.
SOURCE: PIB
