India, Peru Continue Trade Deal Talks In Lima With 6th Round Of Talks

The sixth round of talks between India and Peru for a trade deal took place in Lima, Peru this week, as part of the ongoing efforts that began in 2017 when the negotiation process was officially launched.

The round began with an inaugural event attended by Teresa Mera, the Vice Minister of Foreign Trade of Peru; Vishvas Sapkal, the Ambassador of India in Peru; Vipul Bansal, India's Chief Negotiator; Gerardo Meza, Peru's Chief Negotiator; and delegations from both countries.

During the event, the Vice Minister of Foreign Trade of Peru and the Chief Negotiator of India briefly spoke, reiterating their dedication to maintaining the same level of effectiveness in their collaboration, as demonstrated by the five successful rounds of negotiations held before August 2019, prior to the pandemic.

The discussions recommenced with the Special Virtual Round in October 2023.

Both parties' speakers stressed the significance of advancing the negotiation process with practicality to discover innovative solutions and to achieve a consensus that enables the realization of this shared goal in the near future.

The trade deal will generate additional trade prospects for their people and businesses, while also bolstering their economic and business connections.

During this stage, nine operational teams conducted face-to-face discussions: Goods Trade, Origin Rules, Services Trade, Natural Persons Movement, Customs Procedures and Trade Streamlining, Dispute Resolution, Initial Definitions and General Provisions, Concluding Provisions, and Legal and Institutional Matters.

The meetings included over 70 delegates from each country, along with their negotiating teams.

The Peruvian delegation was headed by the Ministry of Foreign Trade and Tourism, along with government representatives from various other entities including the Ministry of Economy and Finance, the Ministry of Foreign Affairs, the Ministry of Agriculture, the Ministry of Production, and Customs Administration.

The Indian delegation included government officials and legal representatives from the Department of Commerce, Department of Revenue, and the Directorate General of Foreign Trade.

Furthermore, in the upcoming week and beyond, various other working groups including Technical Barriers to Trade, Sanitary and Phytosanitary Measures, Trade Remedies, and Cooperation will persist in conducting virtual meetings.

The upcoming round is anticipated to take place in April 2024. The specific date will be determined soon.

Over the past twenty years, the trade between India and Peru has seen a substantial rise, surging from USD 66 million in 2003 to approximately USD 3.68 billion in 2023.

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