look news india
New Delhi: India and Peru are close to resolving key outstanding issues in the framework of the proposed Free Trade Agreement (FTA). Informed sources said that both the countries are considering resolving these issues. Both the countries are going to start the seventh round of meeting in New Delhi from April 8. Before this, both the countries are considering sharing the list of exemptions on services and goods.
Negotiations for the India-Peru trade agreement began in 2017 and the fifth round was completed in August 2019. However, the talks were halted due to Corona. Talks between the two countries resumed in February this year and the sixth round was concluded in Lima, Peru last month. According to a joint statement issued last month, this trade agreement will create more business opportunities for citizens and entrepreneurs of these countries. Apart from this, economic and business relations will also become stronger.
Peru is actually India's 43rd largest trading partner and India's third largest export destination in the Latin America and Caribbean region after Brazil and Chile.
Earlier, India had signed limited trade agreements with Chile and Mercosur countries. Mercosur countries include Argentina, Brazil, Uruguay and Paraguay. Apart from Peru, India is currently negotiating trade agreements with Oman, Britain and the European Union. India signed a trade agreement with the four-member European Free Trade Association countries only last week.