A Special Round of negotiations for the India-Peru Trade Agreement is scheduled to be held virtually . The Indian delegation, led by Chief Negotiator Mr. Vipul Bansal, Joint Secretary, Department of Commerce, and the Peruvian delegation, led by Mr. Gerardo Antonio Meza Grillo, Director for Asia, Oceania, and Africa, Ministry of Foreign Trade and Tourism, will engage in discussions on various chapters, including Initial Provisions and General Definitions, Rules of Origin, Trade in Goods, Customs Procedures and Trade Facilitation, Technical Barriers to Trade, Sanitary and Phytosanitary Measures, General and Security Exceptions, Cooperation, and Legal and Institutional Issues/Dispute Settlement.
Negotiations for the India-Peru Trade Agreement began in 2017, and the fifth round concluded in August 2019. Due to the COVID-19 pandemic, the negotiations were paused. A delegation led by H.E. Dr. Teresa Mera Gomez, Vice Minister of Foreign Trade of Peru, expressed an interest in resuming the trade negotiations during the CII India-LAC Conclave held in New Delhi in August 2023. Following this, Minister Piyush Goyal directed to recommence the negotiations with Peru.
It is anticipated that the Trade Agreement will significantly boost trade, investment, and enhance cooperation in various sectors. The sixth round is slated to be held in December 2023 in Lima, Peru.
India and Peru have experienced steady growth in their trade relationship. In FY 2022-23, the bilateral trade volume reached $3.12 billion, with India exporting goods worth $865.91 million to Peru and importing goods valued at $2.25 billion from Peru. Key Indian exports to Peru include motor vehicles/cars, cotton yarn, and pharmaceuticals, while Peru primarily exports gold, copper ores, and concentrates.