Business & Policy | News & Insights

India and Peru Make Strides in Trade Agreement Negotiations

Published: April 13, 2024
Author: TEXTILE VALUE CHAIN

After the successful conclusion of the 7th round of negotiations, India and Peru have made significant progress towards finalising a trade agreement. During the recent talks held in New Delhi, both delegations engaged in detailed discussions across 13 key policy areas crucial for the agreement. These areas include trade in goods and services, movement of natural persons, rules of origin, and dispute settlement, among others.

The discussions aimed to address the priorities and concerns of each party, paving the way for a mutually beneficial trade deal. The decision to resume negotiations after a pause due to COVID-19 was made during a meeting between the vice minister of foreign trade of Peru and the commerce and industry minister in New Delhi. This marks Peru’s emergence as India’s third-largest trading partner in the Latin American and Caribbean region, with trade volumes witnessing a steady rise over the past two decades.

Looking ahead, both countries are eager to expedite the negotiation process, with the next round of talks expected to take place in June. Intersessional discussions will be conducted over video conferencing to resolve any outstanding issues before the parties reconvene. With a collaborative spirit and a shared goal of enhancing bilateral trade relations, India and Peru are on track to solidify a comprehensive trade agreement that will further boost economic cooperation between the two nations.

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