60+ delegates brainstorm on trade issues in New Delhi
The ongoing trade agreement under negotiations between India and Peru is to play a pivotal role in future collaboration in various sectors, creating avenues for mutual benefit and advancement, given that the two countries’ bilateral trade has grown to US$3.68 billion in 2023 from US$66 million in 2003.
This update was given by Ministry of Commerce and Industry https://commerce.gov.in/ after the seventh round of negotiations for the India-Peru Trade Agreement took place in New Delhi from 8-11 Apr.
Around 60 delegates https://www.mea.gov.in/ together from both sides participated in the negotiations, and discussed concerns of each other, ensuring that the talks are rooted in mutual respect and benefit.
The discussions encompassed across the chapters which included Trade in Goods, Trade in Services, Movement of Natural Persons, Rules of Origin, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Custom Procedures and Trade Facilitation, Initial Provisions and General Definitions, Legal and Institutional Provisions, Final Provisions, Trade Remedies, General and Security Exceptions, Dispute Settlement and Cooperation https://eximin.net/ .
The Peruvian https://www.eoilima.gov.in/ delegation comprised of representatives from the Ministry of Foreign Trade and Tourism and the Ministry of Foreign Affairs of Peru. The Indian delegates comprised the officials from the Department of Commerce, Directorate General of Foreign Trade, Department of Revenue, Department for Promotion of Industry and Internal Trade and the legal and economic resource persons. Substantial convergence in the text of the agreement was achieved during the round and detailed discussions were held on the aspirations and sensitivities between both parties.
Peru has emerged as the third-largest trading partner of India in Latin American & Caribbean Region.
The next round expected in June, 2024.
Ambassador of Peru in India Javier Manuel Paulinich Velarde informed that the recent negotiations have laid down the ground work for a substantial foundation and exhibited confidence on the outcomes of negotiations towards fostering partnership.
Peruvian Chief Negotiator, Gerardo Antonio Meza Grillo, Director for Asia, Oceania and Africa, Ministry of Foreign Trade and Tourism, emphasized that the negotiating teams may show flexibility and pragmatism to reach mutual solutions.
Sunil Barthwal, Commerce Secretary, Department of Commerce, Ministry of Commerce & Industry, stated that the basic principle of negotiations should be understanding strengths and respecting sensitivities of each other.
The modalities of negotiation may emerge from appropriate stakeholder consultations, feedback from the industry and the negotiating teams should engage in gainful and explorative approach, he said.
Rajesh Agrawal, Chief Negotiator & Additional Secretary, Department of Commerce, said that holding two rounds of negotiation within two months is itself a testimony to the willingness between both the countries to have a deeper economic cooperation. He emphasized the need for effective and fast track negotiations. Fiinews.com
