Business Standard | 19 January 2024
India-Peru trade pact: Next round of negotiations to begin on Feb 12
by Press Trust of India
The next round of negotiations between India and South American nation Peru for a free trade agreement is scheduled to start on February 12, an official said.
The proposed agreement is aimed at promoting bilateral trade and investments between the two countries.
In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services.
“The sixth round of negotiations for a proposed trade agreement between India and the South American nation Peru is scheduled from February 12-15,” the official said.
Issues which are expected to figure in the negotiations include rules of origin, trade in goods, customs procedures and trade facilitation, technical barriers to trade, sanitary and phytosanitary measures.
Negotiations for the agreement started in 2017 and the fifth round was concluded in August 2019. The negotiations were paused due to the coronavirus pandemic. During 2022-23, the bilateral trade between India and Peru stood at USD 3.12 billion.
India exported goods worth USD 865.91 million to Peru and imported goods valued at USD 2.25 billion. Key Indian exports to Peru include motor vehicles/cars, cotton yarn and pharmaceuticals, while imports items include gold, copper ores and concentrates.
Peruvian businesses are also looking to export agricultural products like avocados, fresh grapes and blueberries, and natural resources like calcium phosphates to India.