The seventh round of negotiations for the India-Peru Trade Agreement concluded in New Delhi on Thursday, marking substantial progress towards strengthening economic relations between the two nations. Over the course of discussions held from April 8th to 11th, representatives from both India and Peru participated in productive dialogues, focusing on mutual priorities and challenges with the aim of fostering mutual respect and benefit.
"The history of India-Peru diplomatic relations dates back to the 1960s" said Sunil Barthwal, Commerce Secretary at the start of the negotiations. He further added that bilateral discussions held during the sidelines of the 9th CII India-LAC Conclave in August last year played a key role in resuming of the negotiations.
Peru hails talks between two nations
Peru's ambassador to India hailed the recent talks as laying the groundwork for a robust trade partnership between the two nations. Javier Manuel Paulinich Velarde expressed confidence in the outcomes of the negotiations, emphasizing that they have established a solid foundation for future collaboration. Notably, significant progress was made during the negotiations, with both parties showing commitment to advancing bilateral trade relations through substantial convergence in the agreement text.
Peru emerges as key trading partner for India
Both nations held detailed discussions on addressing the aspirations and sensitivities of both India and Peru, paving the way for a comprehensive and mutually beneficial agreement. Peru has emerged as a key trading partner for India in the Latin American & Caribbean Region, with bilateral trade witnessing remarkable growth over the past two decades. From a modest figure of USD 66 million in 2003, trade between India and Peru has surged to approximately USD 3.68 billion in 2023. The ongoing trade agreement negotiations hold immense potential to further bolster collaboration across various sectors, creating new avenues for mutual benefit and advancement.
The next round of negotiations is scheduled for June 2024, with inter-sessional negotiations expected to take place over virtual conferencing to address any outstanding issues. As the negotiations progress, stakeholders from both nations remain optimistic about the prospects of deepening economic cooperation and unlocking new opportunities for trade and investment.
