India-Peru negotiation for trade agreement held in the South American country from 12 to 14 Feb 2024. As per the details, both countries going to continue trade after the recent trade talks almost after five years. There were several meetings held like trade in goods, rules of origin, trade in services, customs procedures and trade facilitation, dispute settlement, and legal and institutional issues.
The ongoing meeting between India and Peru may encourage the traders of both countries. In the next few hours, other working groups will also hold a virtual meeting on the technical barriers to trade, sanitary and phytosanitary measures, and trade remedies and cooperation.
After these trade talks, India can have advantages from this meeting. Peru is one of the major countries in producing lithium, lead, zinc, gold, copper, and silver. Also, the country is surrounded by the ‘lithium triangle’ comprising Bolivia, Argentina, and Chile.
The India Peru agreement was commenced in the year 2017. Both countries planned the trade talk in 2019 but due to COVID-19, it was postponed. This meeting in 2024 is almost after five years. Both countries had bilateral trade volumes of $3.12 billion in FY23. During the same fiscal year, India exported goods worth $865.91 million to Peru. While on the other side, the imports in India were $2.25 billion from Peru. Now after this latest meeting, this trade talk may bring opportunity for both countries.
Discussing the latest export data from the Niryat Portal, India has exported goods around worth $699.04 million from April to December of FY24. Stay tuned to read more latest business news on our website.