The seventh round of negotiations for the Free Trade Agreement (FTA) between Peru and India, held in New Delhi, addressed discussions regarding trade in goods and services, rules of origin, sanitary and phytosanitary measures, customs procedures, legal issues and institutional, among other issues.
“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 the Minister of Foreign Trade and Tourism, Elizabeth Galdo, who led the Peruvian delegation in the sessions with Indian officials.
In the last two decades, trade between Peru and India has increased significantly, going from US$73 million in 2003 to more than US$3.5 billion in 2023.
Likewise, in the previous year, 700 companies made shipments to India, of which more than 50% were micro, small and medium-sized companies. In the last year alone, Peru exported more than US$2 billion to India (+9.7%), mainly minerals, such as gold, 83% of the total; and copper, 15%. Other shipments to India include calcium phosphates, tara powder, blueberries, avocados, and natural colorants.
The next round is scheduled for June 2024 and will be held in a virtual format in order to resolve pending issues before the in-person round. It is worth adding that the FTA with India is expected to be finalized this year, according to Mincetur projections. and sector specialists consulted by La República.
Source: Larepublica
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