India-Peru trade talks resume after being paused in August 2019

(Representative image)

Negotiations for the India-Peru Trade Agreement resumed on October 9, almost five years after they were paused.  The commerce ministry has now announced to hold a Special Round of negotiations between October 10 and 11.

The special round of negotiations over the India-Peru Trade Agreement comes after the last round - the fifth - was completed in August 2019.

Negotiations were paused at the onset of coronavirus pandemic. The sixth round of negotiations are set to be held later this year in December in Peru's capital, Lima.

As per a ministry statement, 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.

“Discussions on services, movement of natural persons, trade remedies and investment chapter will be held later in the month based on mutual convenience of the negotiators,” it added.

India and Peru have been experiencing a steady growth in their trade relationship. During FY 2022-23, 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.