Trade deal between India and Peru are set to commence on October 10. This agreement seeks to bolster bilateral trade and investment between the two nations. Through this pact, both parties intend to substantially decrease or remove tariffs on a wide range of traded goods.
Image Credit: Shutterstock
Trade agreement between India and Peru to begin on 10th Oct. The main objective of this pact is to enhance bilateral trade and investments between the two countries. As part of this agreement, they aim to substantially decrease or completely eliminate customs duties on a majority of the goods traded between them.
Throughout the negotiations, both parties will engage in discussions covering various topics, such as rules of origin, trade in goods, customs procedures, trade facilitation, and addressing technical barriers to trade as well as sanitary and phytosanitary measures.
Discussions regarding services, the movement of natural persons (professionals), trade remedies, and the investment chapter will take place later this month, with scheduling based on the mutual convenience of the negotiators.
The negotiations for this agreement were initiated in 2017, and the fifth round was successfully concluded in August 2019. However, the negotiations were temporarily halted due to the impact of the coronavirus pandemic.
The agreement will have a substantial impact by boosting trade and investment and fostering cooperation across multiple sectors. The sixth round of negotiations is scheduled to take place in December 2023 in Lima, Peru.
In the fiscal year 2022-23, bilateral trade between India and Peru reached US$ 3.12 billion. India’s exports to Peru amounted to US$ 865.91 million, featuring key products such as motor vehicles/cars, cotton yarn, and pharmaceuticals. Meanwhile, Peru’s primary exports to India included gold, copper ores, and concentrates, totalling US$ 2.25 billion.
You must be logged in to post a comment.
Stay ahead in the dynamic world of trade and commerce with India Business & Trade's weekly newsletter.