Monday 29 / April / 2024
New Delhi: The seventh round of negotiations for the India-Peru Trade Agreement concluded in New Delhi on Thursday. The recent talks made a significant progress towards fostering closer economic ties between both countries.
The talks were held from 8 to 11 April and delegates from both India and Peru engaged in fruitful discussions aimed at understanding each other's priorities and concerns, with a shared goal of ensuring mutual respect and benefit.
"The history of India-Peru diplomatic relations dates back to the 1960s" said Sunil Barthwal, Commerce Secretary at the starting of the negotiations. He further added that bilateral discussions held during the sidelines of the 9th CII India-LAC Conclave in August last year played a key role in resuming of the negotiations.
The Peru ambassador to India called the recent talks as groundwork and have showed confidence of fostering a trade partnership between the both nations.
"The recent negotiations have laid down the groundwork for a substantial foundation and exhibited confidence on the outcomes of negotiations towards fostering partnership" said Javier Manuel Paulinich Velarde Ambassador of Peru in India.
During the recent trade negotiations, substantial convergence in the text of the agreement was achieved during the round, reflecting the commitment of both parties to advancing bilateral trade relations.
Both nations held detailed discussions on addressing the aspirations and sensitivities of both India and Peru, paving the way for a comprehensive and mutually beneficial agreement.
Peru has emerged as a key trading partner for India in the Latin American & Caribbean Region, with bilateral trade witnessing remarkable growth over the past two decades.
From a modest figure of USD 66 million in 2003, trade between India and Peru has surged to approximately USD 3.68 billion in 2023.
The ongoing trade agreement negotiations hold immense potential to further bolster collaboration across various sectors, creating new avenues for mutual benefit and advancement.
The next round of negotiations is scheduled for June 2024, with inter-sessional negotiations expected to take place over virtual conferencing to address any outstanding issues.
As the negotiations progress, stakeholders from both nations remain optimistic about the prospects of deepening economic cooperation and unlocking new opportunities for trade and investment.
