The 6th round of India-Peru negotiations for a Trade Agreement was held in Lima, Peru, to continue the work that started in 2017 when the negotiation process was formally announced, the Ministry of Commerce & Industry said on Thursday.

During the ceremony, the Vice Minister of Foreign Trade of Peru, Teresa Mera, and the Chief Negotiator of India, Vipul Bansal, gave brief introductory remarks reaffirming their commitment to continue working with efficiency, as India and Peru did before the pandemic with five successful rounds until August 2019. The negotiations resumed with the Special Virtual Round in October, 2023.

Advertisement

Both the speakers emphasised the importance of taking forward the negotiation process with pragmatism in order to find creative solutions and to reach consensus that allows to achieve this common objective in the short term, the ministry informed in a statement.

The Trade Agreement will create more trade opportunities for their citizens and enterprises, and also strengthen their economic and commercial ties.

Nine working groups held in-person meetings which were, Trade in Goods, Rules of Origin, Trade in Services, Movement of Natural Persons, Customs Procedures and Trade Facilitation, Dispute Settlement, Initial Provisions and General Definitions, Final Provisions and Legal and Institutional Issues.

These meetings involved the participation of more than 70 delegates from both the countries together, including their respective negotiating teams. From the Peruvian side, the delegation was led by the Ministry of Foreign Trade and Tourism, with the participation of government officials from other entities such as the Ministry of Economy and Finance, the Ministry of Foreign Affairs, the Ministry of Agriculture, the Ministry of Production, and Customs Administration, among others.

From the Indian side, the delegation comprised government officials and legal representatives from the Department of Commerce, Department of Revenue and the Directorate General of Foreign Trade.

Other working groups such as, Technical Barriers to Trade, Sanitary and Phytosanitary Measures, Trade Remedies and Cooperation will continue to hold virtual meetings.

The next round is expected to be held in April 2024.

The meeting started with an opening ceremony with the participation of the Vice Minister of Foreign Trade of Peru, Teresa Mera; the Ambassador of India in Peru, Vishvas Sapkal; the Chief Negotiator of India, Vipul Bansal; the Chief Negotiator of Peru, Gerardo Meza; and the delegations of both countries.