India-Peru: Fifth round of Trade Negotiations held in New Delhi

India and Peru on Thursday had another next round of negotiations for proposed free-trade agreement (FTA), aimed at boosting two-way commerce and investments. This is the fifth round of negotiations.

 

The previous round took place in the Lima, where the agenda for discussions included the market access for good, movement of professionals and procedures for customs.

 

Confirming that the fifth round of negotiations took place earlier today, sources said that the aim behind the special trade agreement is for liberalizing norms for trade in goods and services. Also, both countries are seeking to expand their trade basket and are looking at the agricultural products and important minerals including gold, zinc and now lithium.

 

The negotiations for this agreement had started in 2017 when officials from the Ministry of Commerce and Industry and Ministry of External affairs had visited the South American nation to identify the issues that needed to be addressed.

 

India and Peru are celebrating 56 years of diplomatic relations and Peru could be a gateway to the region for Indian investors who are keen on expanding their footprints.

 

Globally Peru is the sixth-largest producer of gold, second largest producer of silver. And is ranked third-largest producer of copper, tin, zinc, and lead.

 

According to sources, besides the table grapes- Red Globe variety, citrus fruits, avocado, grapes and quinoa are already in the Indian market.