The 6th round of India and Peru Trade Agreement negotiations gives a further boost to talks
The 6th round of India -Peru negotiations for a Trade
Agreement was held from February 12 to 14, 2024, in Lima, Peru, to continue the
work that started in 2017 when the negotiation process was formally announced.
The round started with an opening ceremony with the
participation of the Vice Minister of Foreign Trade of Peru, Teresa Mera; the
Ambassador of India in Peru, Vishvas Sapkal; Chief Negotiator of India, Vipul
Bansal; Chief Negotiator of Peru, Gerardo Meza; and the delegations of both
countries.
During the ceremony, the Vice Minister of Foreign Trade
of Peru and the Chief Negotiator of India gave brief introductory remarks
reaffirming their commitment to continue working with efficiency, as India and
Peru did before the pandemic with five successful rounds until August 2019. The
negotiations resumed with the Special Virtual Round in October, 2023.
In this sense, both speakers emphasised the importance of
taking forward the negotiation process with pragmatism, in order to find
creative solutions and to reach consensus that allows to achieve this common
objective in the short term. The Trade Agreement will create more trade
opportunities for their citizens and enterprises, and also strengthen their
economic and commercial ties.
In this round, nine working groups held in-person
meetings: 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.
These meetings involved the participation of more than 70
delegates from both countries together, including their respective negotiating
teams. From the Peruvian side, the delegation was led by the Ministry of
Foreign Trade and Tourism, with the participation of government officials from
other entities such as the Ministry of Economy and Finance, the Ministry of
Foreign Affairs, the Ministry of Agriculture, the Ministry of Production,
Customs Administration, among others. From the Indian side, the delegation
comprised government officials and legal representatives from the Department of
Commerce, Department of Revenue and the Directorate General of Foreign Trade.
Additionally, during this week and the following, other
working groups such as, Technical Barriers to Trade, Sanitary and Phytosanitary
Measures, Trade Remedies and Cooperation will continue to hold virtual
meetings. The next round is expected to be held in April 2024. The date will be
set in the following days.
In the last two decades, the trade between India and Peru
has increased significantly, from US$ 66 million in 2003 to around US$ 3.68
billion in 2023.