Lima: The 6th round of negotiations between India and Peru for a comprehensive Trade Agreement concluded on February 14, 2024, marking another step forward in the efforts to enhance economic and trade relations between the two nations.
The three-day negotiation process, held in Lima, began with an opening ceremony attended by key figures such as the Vice Minister of Foreign Trade of Peru, Ms. Teresa Mera; the Ambassador of India in Peru, Mr. Vishvas Sapkal; the Chief Negotiator of India, Mr. Vipul Bansal; the Chief Negotiator of Peru, Mr. Gerardo Meza; and their respective delegations.
During the opening ceremony, both the Vice Minister of Foreign Trade of Peru and the Chief Negotiator of India reiterated their commitment to the negotiation process. They emphasized the need for efficiency and creative solutions to address various aspects of the trade agreement, highlighting the potential benefits it could bring to citizens and businesses in both countries.
The negotiations covered nine working groups, including Trade in Goods, Rules of Origin, Trade in Services, Movement of Natural Persons, Customs Procedures and Trade Facilitation, Dispute Settlement, Initial Provisions and General Definitions, Final Provisions, and Legal and Institutional Issues. Over 70 delegates from both countries actively participated in the in-person meetings.
The Peruvian delegation, led by the Ministry of Foreign Trade and Tourism, included representatives from various government entities such as the Ministry of Economy and Finance, the Ministry of Foreign Affairs, the Ministry of Agriculture, the Ministry of Production, and Customs Administration. The Indian delegation comprised government officials and legal representatives from the Department of Commerce, Department of Revenue, and the Directorate General of Foreign Trade.
In the last two decades, bilateral trade between India and Peru has witnessed significant growth, increasing from US$ 66 million in 2003 to approximately US$ 3.68 billion in 2023. The Trade Agreement aims to further boost trade opportunities and strengthen economic ties between the two nations.
Following this successful round of negotiations, additional virtual meetings for working groups on Technical Barriers to Trade, Sanitary and Phytosanitary Measures, Trade Remedies, and Cooperation are scheduled for the coming weeks. The next round is anticipated to take place in April 2024, with the exact date to be announced soon. The ongoing efforts reflect the determination of both nations to forge a comprehensive and mutually beneficial trade relationship in the near future.