The next round of negotiations for a trade agreement between India and South American nation Peru will start from October 10, an official statement said on Monday.
The agreement is aimed at promoting bilateral trade and investments between the two countries. With the pact, the two trading partners will significantly reduce or eliminate customs duties on maximum number of goods traded between them.
"A special round of negotiations for the India - Peru trade agreement is scheduled to be held virtually on 10-11 October," the commerce ministry said.
During the negotiations, the two sides will discuss different issues, including rules of origin, trade in goods, customs procedures and trade facilitation, technical barriers to trade, sanitary and phytosanitary measures.
"Discussions on services, movement of natural persons (professionals), trade remedies and investment chapter will be held later in the month based on mutual convenience of the negotiators," the statement said.
Negotiations for the agreement was started in 2017 and the fifth round was concluded in August 2019. The negotiations were paused due to the coronavirus pandemic.
"It is anticipated that the agreement will significantly boost trade, investment and enhance cooperation in various sectors. The sixth round is slated to be held in December 2023 at Lima in Peru," it added.
During 2022-23, the bilateral trade between India and Peru stood at USD 3.12 billion.
India exported goods worth USD 865.91 million to Peru and imported goods valued at USD 2.25 billion.
Key Indian exports to Peru include motor vehicles/cars, cotton yarn and pharmaceuticals while Peru primarily exports gold, copper ores and concentrates.
During the negotiations, the Indian track will be led by Chief Negotiator Vipul Bansal, Joint Secretary at the Department of Commerce, and the Peruvian track will be led by Gerardo Antonio Meza Grillo, Director for Asia, Oceania and Africa at the Ministry of Foreign Trade and Tourism.