Seventh Round Of The India-Peru Trade Agreement Negotiations Concludes In New Delhi

The seventh round of negotiations for the India-Peru Trade Agreement recently concluded in New Delhi, spanning from April 8 to April 11. The discussions aimed to delve into each nation’s priorities and concerns, fostering mutual respect and benefits.

Commerce Secretary Sunil Barthwal underscored the longstanding diplomatic ties between India and Peru, dating back to the 1960s. He referenced the visit of Teresa Stella Mera Gomez, Peru’s Vice Minister of Foreign Trade, to India and emphasized the significance of bilateral talks during the 9th CII India-LAC Conclave in August 2023, which prompted the resumption of negotiations.

Barthwal stressed the importance of understanding each other’s strengths and sensitivities, advocating for stakeholder consultations, industry feedback, and a constructive negotiation approach.

Rajesh Agrawal, Chief Negotiator & Additional Secretary, Department of Commerce, highlighted the willingness of both countries to deepen economic cooperation, evident in holding two negotiation rounds within two months. He emphasized the need for efficient and expedited negotiations.

Ambassador Javier Manuel Paulinich Velarde expressed confidence in the negotiation outcomes, highlighting their role in enhancing partnership.

G. V. Srinivas of the Ministry of External Affairs praised efforts to streamline the negotiation period. Peruvian Chief Negotiator Gerardo Antonio Meza Grillo stressed the significance of resuming negotiations after 2019, urging flexibility and pragmatism from the negotiating teams to achieve mutual solutions.

Discussions in this round covered various chapters, including Trade in Goods, Trade in Services, Movement of Natural Persons, Rules of Origin, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Custom Procedures and Trade Facilitation, Initial Provisions and General Definitions, Legal and Institutional Provisions, Final Provisions, Trade Remedies, General and Security Exceptions, Dispute Settlement, and Cooperation.

Approximately sixty delegates from both sides participated in the negotiations.

The Peruvian delegation included representatives from the Ministry of Foreign Trade and Tourism and the Ministry of Foreign Affairs of Peru.

The Indian delegation comprised officials from the Department of Commerce, Directorate General of Foreign Trade, Department of Revenue, Department for Promotion of Industry and Internal Trade, as well as legal and economic experts.

India and Peru have witnessed substantial trade growth over the past two decades, with trade increasing from US$ 66 million in 2003 to approximately US$ 3.68 billion in 2023.

The next round of negotiations, scheduled for June 2024, will be preceded by intersessional discussions via video conferencing to address outstanding issues.