Substantial convergence in India-Peru Trade Agreement 7th round talks: Govt
In a statement, the commerce and industry ministry said that discussions happened across chapters such as trade in goods, services, movement of natural persons, trade remedies and dispute settlement and cooperation.
“The discussions involved understanding priorities and concerns of each other and ensuring that the negotiations are rooted in mutual respect and benefit…Detailed discussions were held on the aspirations and sensitivities between both parties,” the ministry said.
Peru has emerged as the third-largest trading partner of India in Latin American and Caribbean Region. In the last two decades, the trade between India and Peru has increased to around $3.68 billion in 2023 from $66 million in 2003.
As per the statement, 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. New Delhi emphasized the need for effective and fast track negotiations.
“The trade agreement under negotiations shall play a pivotal role in future collaboration in various sectors, creating avenues for mutual benefit and advancement,” it said.
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, and general and security exceptions were also taken up during the round.
Around sixty delegates together from both sides participated in the
