Far away from the media glares and headlines, stands powerful international affairs with far-reaching implications for two countries- India and Peru.
A Special Round of negotiations for the India - Peru Trade Agreement is being held virtually. It happened on 10-11th October, 2023.
The Indian track was led by Chief Negotiator Mr. Vipul Bansal, Joint Secretary, Department of Commerce and the Peruvian track was led by Mr. Gerardo Antonio Meza Grillo, Director for Asia, Oceania and Africa, Ministry of Foreign Trade and Tourism.
Discussions on various chapters including Initial Provisions and General Definitions, Rules of Origin, Trade in Goods, Customs Procedures and Trade Facilitation, Technical Barriers to Trade, Sanitary and Phytosanitary Measures, General and Security Exceptions, Cooperation and Legal and Institutional Issues/Dispute Settlement were undertaken during this special round.
Discussions on Services, Movement of Natural Persons, Trade Remedies and Investment chapter were to be held later in the month based on mutual convenience of the negotiators.
Notably, negotiations for the India-Peru Trade Agreement had commenced in 2017 and the fifth round was concluded in August, 2019. On account of Covid, the negotiations had come to a pause.
On the sidelines of CII India-LAC Conclave held in New Delhi on 3rd-4th August, 2023, a delegation led by H.E. Dr. Teresa Mera Gomez, Vice Minister of Foreign Trade of Peru met Shri Piyush Goyal, the Union Minister of Commerce & Industry wherein both sides expressed an interest in resuming the trade negotiations. Subsequently, Minister Goyal has directed to recommence the negotiations with Peru.
It is anticipated that the Trade Agreement will boost trade, and investment and enhance cooperation in various sectors. The sixth round is slated to be held in December 2023 Lima in Peru.
India and Peru have been experiencing steady growth in their trade relationship. During FY 2022-23, the bilateral trade volume reached $3.12 billion. India exported goods worth $ 865.91 million to Peru, and imported goods valued at $ 2.25 billion from Peru. Key Indian exports to Peru include motor vehicles/cars, cotton yarn and pharmaceuticals, while Peru primarily exports gold, copper ores and concentrates.