As per an official announcement, negotiations for a trade deal between India and Peru are set to commence on October 10th, 2023, with the primary aim of enhancing bilateral commerce and investment.
The trade agreement will involve a substantial reduction or elimination of customs duties on a wide range of traded goods between the two nations. The Commerce Ministry announced that there will be a unique set of discussions for the India-Peru trade deal, taking place virtually on the 10th and 11th of October.
During these negotiations, both parties will delve into various aspects, including rules of origin, trade in goods, customs procedures, trade facilitation, addressing technological trade barriers, and implementing sanitary and phytosanitary measures.
The negotiation process for this agreement was initiated back in 2017, and the fifth round was successfully completed in August 2019. However, due to the COVID-19 pandemic, negotiations were temporarily halted.
In the fiscal year 2022-23, the bilateral trade between India and Peru amounted to US$ 3.12 billion. India exported goods worth US$ 865.91 million to Peru, while importing US$ 2.25 billion worth of goods during the same period.
The Commerce Ministry also indicated that discussions on services, the movement of natural persons (professionals), trade remedies, and the investment chapter will be held later in the month, depending on the negotiators’ mutual convenience. Furthermore, it is anticipated that the agreement will have a significant impact on trade, investment, and cooperation across various sectors. The sixth round of negotiations is scheduled to take place in Lima, Peru, in December 2023.
Key Indian exports to Peru include motor vehicles/cars, cotton yarn, and pharmaceuticals, while Peru’s principal exports to India comprise gold, copper ores, and concentrates.
Leading the Indian delegation during the negotiations will be Mr. Vipul Bansal, Joint Secretary at the Department of Commerce and Chief Negotiator, while the Peruvian side will be represented by Mr. Gerardo Antonio Meza Grillo, serving as the Director for Asia, Oceania, and Africa at the Ministry of Foreign Trade and Tourism.
