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

April 13, 2024

The seventh round of negotiations for the India-Peru Trade Agreement concluded in New Delhi on April 11, 2024. The discussions aimed at understanding each other’s priorities and concerns to ensure mutual respect and benefit.

The history of India-Peru diplomatic relations dates back to the 1960s, with recent discussions held during the 9th CII India-LAC Conclave in August 2023 playing a key role in resuming negotiations.

The talks covered various chapters including Trade in Goods, Trade in Services, and Dispute Settlement, involving around sixty delegates from both sides. Both countries expressed willingness for deeper economic cooperation, emphasizing the need for effective and fast-track negotiations.

Peru has become India’s third-largest trading partner in the Latin American & Caribbean Region. The trade between the two countries has increased significantly over the past two decades. The agreement under negotiations is expected to further enhance collaboration in various sectors.

The next round of negotiations is scheduled for June 2024, preceded by intersessional negotiations over VC to resolve outstanding issues. Both parties have shown commitment and interest in reaching mutual solutions and fostering a strong partnership.

About Peru

Peru is a country located in South America, known for its rich history, diverse culture, and stunning landscapes. It is home to the ancient Inca civilization, including the iconic Machu Picchu. The official language is Spanish, and the currency is the Peruvian Sol. Peru is famous for its cuisine, including ceviche and pisco sour. The country is also known for its biodiversity, with the Amazon Rainforest covering a significant portion of its territory. Tourism is a major industry in Peru, attracting visitors from around the world.

About Trade Agreements

A trade agreement is a pact between two or more countries to facilitate trade and commerce by reducing barriers such as tariffs and quotas. These agreements outline the terms of trade, including rules on tariffs, import and export regulations, and intellectual property rights. Trade agreements aim to promote economic growth, create jobs, and increase market access for goods and services. Examples of trade agreements include the North American Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership (TPP).

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