Ministry says Trade Agreement will create more trade opportunities for enterprises
More than 70 delegates from India and Peru attended the 6th round of negotiations for a Trade Agreement in Lima to further boost bilateral trade that has grown to US$3.68 billion in 2023 from US$66 million in 2003.
The negotiations, held 12-14 Feb, continue the work that started in 2017, the Ministry of Commerce and Industry said on 15 Feb 2024.
Peru’s Vice Minister of Foreign Trade Teresa Mera, the Ambassador of India in Peru Vishvas Sapkal, the Chief Negotiator of India Vipul Bansal and the Chief Negotiator of Peru Gerardo Meza led the talks.
India and Peru have held five successful rounds until August 2019. The negotiations resumed with the Special Virtual Round in Oct 2023, post-pandemic.
The Trade Agreement will create more trade opportunities for their citizens and enterprises, and also strengthen their economic and commercial ties, the Ministry said.
In the sixth 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.
Additionally, 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, said the Ministry. Fiinews.com
