India and Peru have reopened discussions on trade after a hiatus of almost five years. The sixth round of negotiations for a trade deal between India and Peru took place in the South American nation from February 12 to 14.
According to a statement from the Ministry of Commerce and Industry on Thursday, various working groups met to discuss trade in goods, rules of origin, trade in services, customs procedures, trade facilitation, dispute settlement, and legal and institutional issues.
The statement highlighted the participation of more than 70 delegates from both countries, including their respective negotiating teams.
In the upcoming weeks, additional working groups will convene virtual meetings to address technical barriers to trade, sanitary and phytosanitary measures, and trade remedies and cooperation.
Both India and Peru aim to reduce or eliminate customs duties on several traded goods and simplify regulations to boost trade in services.
Peru is a significant producer of lithium, lead, zinc, gold, copper, and silver, and is situated within the 'lithium triangle' along with Bolivia, Argentina, and Chile.
The seventh round of negotiations for the India-Peru trade agreement is scheduled for April. Earlier reports from February 8 had indicated India's intention to resume talks with Peru to finalize a trade agreement.
This latest round of talks follows a virtual meeting between representatives from India and Peru in October. Negotiations for the India-Peru trade agreement began in 2017, with the fifth round concluding in August 2019. However, discussions were suspended during the pandemic.
India and Peru have seen consistent growth in bilateral trade, with the bilateral trade volume reaching $3.12 billion in FY23. During this period, India exported goods worth $865.91 million to Peru and imported goods valued at $2.25 billion.
According to data from the government's Niryat portal, India's total exports to Peru from April to December amounted to $699.04 million.
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