India and Peru are set to engage in a two-day virtual special round of negotiations starting this Tuesday, aiming to strengthen their trade and investment relations. The proposed agreement, designed to enhance cooperation, will cover a range of topics 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.

Further discussions on services, the movement of people, and the investment chapter are planned later in the month, arranged according to the mutual convenience of the negotiators. Negotiations for the India-Peru Trade Agreement began in 2017, with the fifth round concluding in August 2019. The process was interrupted by the Covid-19 pandemic, leading to a temporary pause. The sixth round of negotiations is scheduled for December 2023 in Lima, Peru.

During the fiscal year 2023, the bilateral trade volume amounted to $3.12 billion. India exported goods valued at $865.91 million to Peru, including motor vehicles/cars, cotton yarn, and pharmaceuticals. In return, Peru primarily exported gold, copper ores, and concentrates, with a total import value of $2.25 billion to India.

Source: Business Standard