India and Peru resume trade talks after nearly 5 years.
- IBEF
- February 16, 2024
India and Peru have reinitiated trade talks with the sixth round of negotiations for a potential trade agreement held in Peru from February 12 to 14. Covering trade in goods, services, customs procedures, and more, the discussions involved over 70 delegates from both nations. Virtual meetings over the next two weeks will address technical barriers to trade and other key aspects. Both countries are focused on reducing or eliminating customs duties on various goods and facilitating trade in services. The seventh round of negotiations is scheduled for April, marking a resumption of talks paused during the pandemic. Bilateral trade between India and Peru reached US$ 3.12 billion in FY23, with India exporting goods worth US$ 10.4 million (Rs. 865.91 million) and importing goods valued at US$ 27.1 million (Rs. 2.25 billion) from Peru during the period.
India's total export value to Peru from April to December stood at US$ 8.4 million (Rs. 699.04 million), according to the latest data on the government's Niryat portal. The resumed talks signify a concerted effort to strengthen economic ties and foster trade cooperation between the two nations, paving the way for potential trade enhancements and mutual benefits.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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