7th Round of India-Peru Trade Agreement Negotiations Concludes in New Delhi

GG News Bureau
New Delhi, 12th April. The seventh round of negotiations for the India-Peru Trade Agreement concluded successfully in New Delhi, India, from April 8 to April 11, 2024. The discussions focused on understanding each other’s priorities and concerns, with the aim of ensuring that the negotiations are grounded in mutual respect and benefit.

Mr. Sunil Barthwal, Commerce Secretary, Department of Commerce, Ministry of Commerce & Industry, highlighted the longstanding diplomatic relations between India and Peru dating back to the 1960s. He referenced the pivotal role played by the visit of H.E. Ms. Teresa Stella Mera Gomez, Vice Minister of Foreign Trade, Peru, to India and the bilateral discussions held during the sidelines of the 9th CII India-LAC Conclave in August 2023, which facilitated the resumption of negotiations.

Mr. Barthwal emphasized the importance of understanding each other’s strengths and respecting sensitivities, with negotiation modalities emerging from stakeholder consultations and industry feedback. Mr. Rajesh Agrawal, Chief Negotiator & Additional Secretary, Department of Commerce, highlighted the frequency of negotiations, reflecting the commitment of both countries to deepen economic cooperation, while Ambassador of Peru in India HE Mr. Javier Manuel Paulinich Velarde expressed confidence in the outcomes of the negotiations towards fostering partnership.

Additional Secretary, Ministry of External Affairs, Republic of India, Mr. G. V. Srinivas welcomed the idea of expediting the negotiation process. Peruvian Chief Negotiator, Mr. Gerardo Antonio Meza Grillo, underscored the significance of resuming negotiations after 2019, emphasizing flexibility and pragmatism from both sides to reach mutual solutions.

Discussions during this round encompassed various chapters, including Trade in Goods, Trade in Services, Movement of Natural Persons, Rules of Origin, and others. Around sixty delegates from both sides participated, with substantial convergence achieved in the agreement’s text. The negotiations saw detailed discussions on aspirations and sensitivities between both parties.

Peru has emerged as India’s third-largest trading partner in the Latin American & Caribbean Region, with trade increasing significantly over the past two decades. The trade agreement under negotiation is expected to play a pivotal role in fostering future collaboration across sectors, creating avenues for mutual benefit and advancement.

The next round of negotiations, scheduled for June 2024, will be preceded by intersessional negotiations over VC to address outstanding issues before the two parties meet again.