Next March, India and Peru will initiate another round of negotiations for a free-trade agreement (FTA) between both nations.
The meeting will take place on March 11 in Peru and both countries’ commerce ministries will be participating in what will be the fourth event of this type between the nations, so far.
The free-trade agreement will “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,” said ET Now News.
“In an FTA, two countries significantly reduce or eliminate duties on most of the goods traded between them besides relaxing norms and rules to promote trade in services and increase bilateral investments”, the aforementioned media explained.
The Federation of Indian Export Organizations (FIEO) sees Peru as a potential market for exports and investments in several businesses. They are looking to facilitate shipments to the region and this FTA should be able to do so.
“The bilateral trade between the nations increased to $3.13 billion US dollars in 2017-18 from $1.77 billion US dollars in the previous fiscal”, ET now News informed.