look news india
New Delhi: The next round of negotiations for a free trade agreement (FTA) between India and South American country Peru is likely to begin in April. This information was given in an official statement. Officials from both countries concluded the sixth round of talks in Lima (capital of Peru) on 14 February.
The proposed agreement aims to promote bilateral trade and investment between the two countries. Such agreements allow two trading partners to reduce or eliminate customs duties on a maximum number of goods traded between them in addition to relaxing standards to promote trade in services.
According to the Commerce Ministry, the sixth round of India-Peru talks was held to continue progress on talks that began in 2017. The negotiation process was formally announced in 2017. Additionally, this week and next, other working groups will continue to meet online on technology barriers to trade, cooperation, and more. Negotiations for the agreement began in 2017.
It was stopped due to Corona and negotiations resumed in online format in October 2023. Bilateral trade between India and Peru stood at US$3.12 billion in FY 2022-23. India exported goods worth $865.91 billion to Peru and imported goods worth $2.25 billion from there.