India Peru Trade Agreement To Bolster Bilateral Trade

The seventh round of negotiations for the India-Peru Trade Agreement took place in New Delhi, India from April 8 to April 11, 2024. The discussions involved understanding priorities and concerns of each other and ensuring that the negotiations are rooted in mutual respect and benefit. Ambassador of Peru in India Javier Manuel Paulinich Velarde mentioned that the recent negotiations have laid down the ground work for a substantial foundation and exhibited confidence on the outcomes of negotiations towards fostering partnership. Peru has emerged as the third-largest trading partner of India in Latin American & Caribbean Region. In the last two decades, the trade between India and Peru has increased from US$ 66 million in 2003 to around US$ 3.68 billion in 2023. The trade agreement under negotiations shall play a pivotal role in future collaboration in various sectors, creating avenues for mutual benefit and advancement. The next round expected in June, 2024 will be preceded by intersessional negotiations over VC to ensure that outstanding issues are resolved before the two parties meet again.

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