The seventh round of negotiations for the India-Peru Trade Agreement wrapped up in New Delhi on Thursday, marking a notable stride towards strengthening economic relations between the two nations. Held from April 8th to 11th, the recent discussions saw delegates from both India and Peru engaging in productive dialogues aimed at comprehending each other’s interests and challenges. With a common objective of fostering mutual respect and advantage, the talks signify a positive step towards closer ties between the two countries.
“The history of India-Peru diplomatic relations dates back to the 1960s” said Sunil Barthwal, Commerce Secretary at the starting of the negotiations. He also emphasized that bilateral discussions held on the sidelines of the 9th CII India-LAC Conclave in August last year played a pivotal role in restarting the negotiations. The Peruvian ambassador to India referred to the recent talks as groundwork and expressed confidence in fostering a trade partnership between the two nations.
“The recent negotiations have laid down the groundwork for a substantial foundation and exhibited confidence on the outcomes of negotiations towards fostering partnership” said Javier Manuel Paulinich Velarde Ambassador of Peru in India.
During the recent trade negotiations, significant alignment in the agreement’s text was achieved, showcasing the commitment of both parties to enhancing bilateral trade relations. Detailed discussions were conducted by both nations to address the needs and concerns of India and Peru, paving the way for a comprehensive and mutually advantageous agreement.
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Peru has emerged as a crucial trading partner for India in the Latin American & Caribbean Region, with bilateral trade experiencing substantial growth over the past two decades. Starting from a modest USD 66 million in 2003, trade between India and Peru has surged to approximately USD 3.68 billion in 2023.
The ongoing negotiations for the trade agreement hold great potential to further strengthen collaboration across various sectors, opening up new avenues for mutual benefit and progress. The next round of negotiations is set for June 2024, with inter-sessional discussions expected to address any remaining issues via virtual conferencing.
As the negotiations continue, stakeholders from both nations maintain optimism regarding the possibilities of deepening economic cooperation and unlocking fresh opportunities for trade and investment.
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