The discussions covered chapters such as Trade in Goods, Trade in Services, Movement of Persons, Rules of Origin, Sanitary and Phytosanitary Measures, Technical Obstacles to Trade, Customs Procedures and Trade Facilitation, Initial Provisions and General Definitions, Legal and Institutional Issues, Provisions Finals, General and Security Exceptions, and Dispute Resolution.
The Ministry of Foreign Trade and Tourism (Mincetur) reported that the seventh round of negotiations for the Trade Agreement between Peru and India took place in New Delhi (India) from April 8 to 11, 2024.
“Substantial progress has been made in this negotiation. Both countries are working efficiently to reach an agreement that provides more opportunities in trade for our citizens and companies. From Mincetur, progress will continue on the agenda of international trade negotiations,” said Minister Elizabeth Galdo.
Around sixty delegates from both sides participated in this seventh round. The Peruvian delegation was led by the Ministry of Foreign Trade and Tourism, with the participation of government officials from the Ministry of Foreign Affairs. 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 and legal and economic experts.
In the last two decades, trade between Peru and India has increased considerably, going from US$ 73 million in 2003 to more than US$ 3.5 billion in 2023. Last year, Peru exported more than US$ 2 .5 billion to India (+9.7%), mainly minerals such as gold (83% of the total exported) and copper (15% of the total). Other products exported to India include calcium phosphates, tara powder, blueberries, avocados, and natural colors.
Likewise, in 2023, 700 companies have made shipments to India, where more than 50% were micro, small and medium-sized companies.
The next round is scheduled for June 2024, and will be preceded by virtual sessions to ensure that any outstanding issues are resolved before the in-person round.
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– 2024-04-21 21:20:44
