Peru, India to resume FTA negotiations

08 Aug '23

1 min read

Pic: Shutterstock

Insights

India and Peru recently decided to resume negotiations for a proposed free trade agreement to promote two-way commerce and investment, Indian commerce secretary Sunil Barthwal said in New Delhi recently.
Such talks had stalled after a few rounds due to the breakout of the COVID-19 pandemic.
India's exports to Peru include cotton yarn and fabrics.

India and Peru recently decided to resume negotiations for a proposed free trade agreement (FTA) to promote two-way commerce and investment, Indian commerce secretary Sunil Barthwal said in New Delhi.

"We have decided to proceed with the FTA negotiations. We would be working out the priority areas...Post September, we will start engaging," he told reporters.

The South American nation is also interested in an FTA, he said.

Such talks had stalled after a few rounds due to the breakout of the COVID-19 pandemic.

The main chapters of the trade agreement could include market access for goods, trade in services, movement of professionals, investments, dispute settlement, technical barriers to trade, trade remedies, rules of origin of goods, customs procedures and trade facilitation, a news agency reported.

Peru ranked third among export destinations for India in the Latin America and Caribbean (LAC) region.

Bilateral trade between the nations dipped to $3.11 billion in 2022-2—exports stood at $866 million and imports $2.25 billion—from $3.6 billion in 2021-22.

India’s exports to Peru include cotton yarn and fabrics, while imports include bulk minerals and ores, gold, fertilisers, crude oil and zinc.

Fibre2Fashion News Desk (DS)

More Textiles News - Peru...