India and Peru advance Free Trade Agreement talks

Officials from India and Peru are resolving key issues in the proposed free-trade agreement (FTA) ahead of the seventh round of talks.

March 21, 2024

Both nations aim to share the draft agreement and provide lists of services and goods before negotiations commence in New Delhi on Apr 8, 2024

The talks began in 2017, and the fifth round concluded in August 2019. However, negotiations halted due to the COVID-19 pandemic, resuming in February 2024

The FTA is anticipated to create more trade opportunities for citizens and businesses, strengthening economic and commercial ties between India and Peru

Peru ranks as India’s 43rd-largest trading partner and is the third-largest export destination in the Latin America and Caribbean (LAC) region

India and Peru are working to resolve significant issues in the proposed free-trade agreement (FTA), according to government officials.

Both nations aim to exchange the draft document and present lists of services and goods ahead of the seventh round of negotiations, set to commence in New Delhi on April 8, 2024.

Negotiations for the India-Peru Trade Agreement began in 2017, with the fifth round concluding in August 2019. However, discussions were interrupted due to the pandemic. Talks resumed in February 2024, with the sixth round completed in Lima during the same month. “The agreement will foster more trade opportunities for citizens and businesses while strengthening economic and commercial ties,” stated a joint release last month.

Peru ranks as India’s 43rd-largest trading partner and is the third-largest export destination for India in the Latin America and Caribbean (LAC) region, following Brazil and Chile.

The focus on a trade agreement with Peru aligns with India’s efforts to diversify exports in product range and geographical regions. With Indian exports constituting less than 2% of total imports in LAC nations, officials see significant potential for expanding bilateral trade between India and LAC countries.

Previously, India signed a limited trade deal with Chile and Mercosur nations, which include Argentina, Brazil, Uruguay, and Paraguay. Besides Peru, India is currently negotiating trade agreements with Oman, the United Kingdom (UK), and the European Union (EU).

Recently, India inked a trade pact with the four-member European Free Trade Association (EFTA) nations.

Source: Business Standard

Recent Articles

India eyes US$100 billion trade milestone with Russia by 2030

July 19, 2024

According to the Global Trade Research Initiative (GTRI), India’s goal …

Read More

Govt. to highlight digital achievements in Economic Survey 2023-24

July 19, 2024

Finance Minister Nirmala Sitharaman will present the Economic Survey of …

Read More

India aims for 50% boost in annual foreign direct investment

July 19, 2024

India is actively striving to boost its annual foreign direct …

Read More