India and Peru Continue Trade Agreement Negotiations in 6th Round Talks
Negotiations Aim to Boost Economic and Commercial Ties Between the Two Nations
Lima, 15th Feb. The 6th round of negotiations for a Trade Agreement between India and Peru took place from February 12 to 14, 2024, in Lima, Peru, marking a continuation of efforts initiated in 2017. The opening ceremony saw the participation of key officials including Ms. Teresa Mera, Vice Minister of Foreign Trade of Peru, and Mr. Vishvas Sapkal, Ambassador of India in Peru.Both parties reaffirmed their commitment to advancing the negotiation process efficiently, aiming to build upon the progress made before the pandemic with five successful rounds until August 2019. Emphasis was placed on pragmatic approaches to finding creative solutions and achieving consensus, with the ultimate goal of enhancing trade opportunities for citizens and enterprises of both nations.
The in-person meetings during this round covered nine working groups, engaging over 70 delegates from both countries. Representatives from various government entities participated, including the Ministry of Foreign Trade and Tourism and the Ministry of Economy and Finance from Peru, and the Department of Commerce and Department of Revenue from India.
Additional virtual meetings focusing on technical aspects such as Technical Barriers to Trade, Sanitary and Phytosanitary Measures, and Trade Remedies will be conducted in the coming weeks. The next round is scheduled for April 2024, with specific dates to be confirmed shortly.
Over the past two decades, bilateral trade between India and Peru has seen significant growth, rising from US$ 66 million in 2003 to approximately US$ 3.68 billion in 2023, underscoring the importance of strengthening economic ties through such agreements.
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