Between March 11 and 15, India and Peru held the fourth round of negotiations regarding a Free Trade Agreement (FTA) in Lima.
This FTA is aimed at boosting the economies and commerce between the countries.
“India and Peru are negotiating a trade agreement covering goods, services and investment. The fourth round of negotiations was held from March 11-15 in Lima, Peru,” said India’s Department of Commerce, according to Business Line.
Free Trade Agreements are used for reducing or eliminating duties on several goods that are traded between the countries and also relaxing some norms and rules to promote investments.
“The main chapters of the trade agreement include market access for goods, trade in services, movement of professionals, investments, dispute settlement, technical barriers to trade, trade remedies, rules of origin of goods, customs procedures and trade facilitation” Business Line said.
This website also recalled that the bilateral trade between the nations increased to $3.13 billion US dollars in 2018, which is a positive achievement.
“Among the top-10 commodities that India exports to Peru are motor vehicles, cars, auto components, tires, dyes, products of iron and steel, cotton yarn and fabrics. While the imports include bulk minerals and ores, gold, fertilizers, aluminum, coffee, crude oil and zinc”, the aforementioned media said.
