 "Trade")
India and Peru will hold a two-day virtual special round of negotiation starting on Tuesday for a trade agreement that aims to boost trade and investment ties between both countries.
The proposed agreement will also boost cooperation between both countries, an official statement said on Monday.
"Discussions on various chapters including Initial Provisions and General Definitions, Rules of Origin, Trade in Goods, Customs Procedures and Trade Facilitation, Technical Barriers to Trade, Sanitary and Phytosanitary Measures, General and Security Exceptions, Cooperation, and Legal and Institutional Issues/Dispute Settlement are expected to be undertaken during this special round," the statement said.
There will also be discussions on services, the movement of people, and the investment chapter later in the month based on the mutual convenience of the negotiators.
Negotiations for the India-Peru Trade Agreement commenced in 2017, and the fifth round was concluded in August 2019. However, the negotiations came to a pause due to the Covid-19 pandemic.
The sixth round of negotiation is slated to be held in December 2023 in Lima, Peru.
During FY23, the bilateral trade volume reached $3.12 billion. India exported goods worth $865.91 million to Peru and imported goods valued at $2.25 billion from Peru. Key Indian exports to Peru include motor vehicles/cars, cotton yarn, and pharmaceuticals, while Peru primarily exports gold, copper ores, and concentrates.
