Categories: India

India-Peru Trade Talks: Round Seven Closes With A Flourish, Paving The Path To Partnership

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.

READ MORE

The World Needs You: Japan’s PM Urges America

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.

ALSO READ

Bridgerton Season 3 Trailer: Penelope And Colin Are The New Love Birds- Watch Here!

Prateek Levi

Recent Posts

More Than 400 People Arrested In Assam In An Attempt To Eradicate Child Marriage

Assam's ongoing efforts to combat child marriage reached a significant milestone with the third phase…

10 mins ago

What is Smartphone Bypass Charging? A Must-Have Feature For Long Gaming Sessions

Bypass charging ensures your smartphone runs cool and smooth during extended gaming, keeping battery health…

14 mins ago

AP Dhillon Sets Stage On Fire With Karan Aujla Hours After Showing Evidence Diljit Dosanjh Lied

The exchange between Dhillon and Dosanjh comes at a time when both artists are enjoying…

16 mins ago

Taylor Swift Surprises Teen Fan With $5K Miu Miu Set In Hospital After She Called Singer’s Outfit ‘Tea’

After wrapping up her record-breaking Eras Tour, Swift's thoughtful visit to the hospital has once…

25 mins ago

Liquor Shortage Or Rumors? What Really Happened On The Surat-Bangkok Air India Express Flight

Air India Express flight from Surat to Bangkok faced rumors of a liquor shortage, while…

37 mins ago

Since 1902, Jewish Bakery Producing Christmas Cake Made By Muslims: Visit The Only Bakery In Kolkata

Christmas in Kolkata is an experience deeply embedded in the city's culture, transcending religious boundaries…

45 mins ago