India and Peru Forge Ahead in 7th Round of Trade Negotiations in New Delhi
The seventh round of the India-Peru Trade Agreement negotiations concluded in New Delhi, marking significant strides towards forging a comprehensive trade pact. The discussions, spanning from April 8 to 11, 2024, centered around mutual priorities, concerns, and ensuring negotiations are based on mutual respect and benefit.
Sunil Barthwal, Commerce Secretary, emphasized the longstanding diplomatic ties between India and Peru, tracing back to the 1960s, and underscored the crucial role of mutual understanding and respect in the negotiations. The bilateral discussions have been fueled by historical relations and recent interactions, including the impactful visit of Peru's Vice Minister of Foreign Trade to India in August 2023.
The talks were characterized by a mutual commitment to deepen economic cooperation, with Rajesh Agrawal, India's Chief Negotiator, highlighting the rapid succession of negotiation rounds as evidence of this commitment. Ambassador of Peru in India, Javier Paulinich Velarde, expressed confidence in the groundwork laid for a solid partnership foundation.
Discussions covered a wide range of topics including trade in goods and services, rules of origin, and dispute settlement, among others. The negotiations saw the participation of around sixty delegates from both nations, demonstrating the comprehensive and collaborative approach to the agreement.
7th round of the India-Peru Trade Agreement Negotiations concludes in New Delhi
Peru stands as India's third-largest trading partner in the Latin American & Caribbean region, with trade between the two nations expanding significantly over the last two decades. The anticipated trade agreement is expected to further bolster this relationship, opening new avenues for mutual benefit and advancement in various sectors.
The next round of negotiations, scheduled for June 2024, will be preceded by intersessional discussions, aiming to resolve outstanding issues and pave the way for a fruitful agreement.