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| Enhancing Economic Collaboration: India-Peru Trade Negotiations |
The seventh round of negotiations for the India-Peru Trade Agreement concluded on April 11, 2024, in New Delhi, marking another milestone in the efforts to bolster economic ties between the two nations. The discussions were geared towards comprehending each other's priorities and concerns, with the overarching goal of fostering mutual respect and benefit.
Diplomatic relations between India and Peru have a rich history dating back to the 1960s, with recent dialogues during the 9th CII India-LAC Conclave in August 2023 playing a pivotal role in reigniting negotiations. This renewed engagement underscores the commitment of both nations towards deepening their economic cooperation.
The negotiations, attended by approximately sixty delegates from India and Peru, delved into various chapters, including Trade in Goods, Trade in Services, and Dispute Settlement. Both parties expressed a keen interest in expediting negotiations to facilitate effective economic collaboration.
Peru has emerged as India's third-largest trading partner in the Latin American & Caribbean Region, with bilateral trade witnessing significant growth over the past two decades. The ongoing agreement negotiations are poised to further amplify collaboration across diverse sectors, propelling trade relations to new heights.
The upcoming round of negotiations scheduled for June 2024 will be preceded by intersessional discussions via video conferencing to address any outstanding issues. The commitment demonstrated by both sides underscores their shared determination to reach mutually beneficial solutions and cultivate a robust partnership.
About Peru:
Peru, situated in South America, boasts a rich tapestry of history, culture, and natural beauty. Renowned for the ancient Inca civilization and landmarks like Machu Picchu, Peru's official language is Spanish, and its currency is the Peruvian Sol. The country's culinary delights, such as ceviche and pisco sour, are celebrated globally. Peru's vast biodiversity, including the Amazon Rainforest, contributes to its allure as a top tourist destination.
About Trade Agreements:
Trade agreements serve as frameworks to facilitate commerce between countries by reducing barriers like tariffs and quotas. These pacts establish rules governing trade, encompassing tariff regulations, import-export protocols, and intellectual property rights. With the aim of stimulating economic growth, job creation, and enhancing market access, trade agreements play a pivotal role in fostering global trade relations. Examples include NAFTA and the TPP.