This trade agreement is expected to ramp up trade, investment, and intensify collaboration across various domains. Further negotiations for the sixth round are calendared for December 2023, set to unfold in Lima, Peru, the ministry of commerce and industry said in a press release.
The special round will deliberate on several pivotal chapters, encompassing initial provisions, general definitions, rules of origin, trade in goods, customs procedures, technical barriers to trade, and more. However, discussions on movement of natural persons, trade remedies, and the investment chapter will be scheduled later in October, based on the availability of the negotiators.
The backstory to these negotiations dates back to 2017, with the fifth round culminating in August 2019. Due to the COVID-19 pandemic, proceedings were temporarily halted.
A fresh impetus to reignite these negotiations was witnessed on the sidelines of the CII India-LAC Conclave in New Delhi during August 2023. A notable delegation led by Dr Teresa Mera Gomez, vice minister of foreign trade of Peru, met with Piyush Goyal, India's minister of commerce and industry. Both sides affirmed their commitment to resuming trade dialogues, with Goyal directing a recommencement of the trade talks.
Highlighting the robust trade dynamic between the two nations, the 2022-23 fiscal witnessed a bilateral trade volume of $3.12 billion. India's exports to Peru amounted to $865.91 million. In contrast, Peru's exports to India, totalling $2.25 billion.
ALCHEMPro News Desk (DP)
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