PIB Summary- 12th April, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

7th round of the India-Peru Trade Agreement Negotiations concludes in New Delhi.

Context

• Seventh round of India-Peru Trade Agreement negotiations in New Delhi; focus on mutual respect and benefit.
• Rapid pace highlighted, with sixty delegates converging, aiming for future collaboration.

Additional information on this news:

• The seventh round of negotiations for the India-Peru Trade Agreement occurred in New Delhi from April 8 to April 11, 2024.
• Sunil Barthwal, Commerce Secretary of India, emphasized understanding strengths and respecting sensitivities during negotiations.
• Rajesh Agrawal, Chief Negotiator for India, highlighted the rapid pace of negotiations, showing willingness for deeper economic cooperation.
• Peru’s Ambassador in India, Mr. Javier Manuel Paulinich Velarde, expressed confidence in the negotiation outcomes.
• Both sides emphasized flexibility and pragmatism to reach mutual solutions.
• Discussions covered various chapters including Trade in Goods, Services, Movement of Natural Persons, and Dispute Settlement.
• Around sixty delegates from both countries participated, achieving substantial convergence in the text of the agreement.
• Peru is India’s third-largest trading partner in Latin America, with trade increasing from US$66 million in 2003 to around US$3.68 billion in 2023.
• The next round in June 2024 will be preceded by intersessional negotiations over VC to resolve outstanding issues.

India – Peru Relationship:

Significance for India:

• Strategic importance: Enhances India’s presence in Latin America, diversifying diplomatic relations.
• Economic benefits: Opens avenues for trade expansion, tapping into Peru’s growing market.
• Regional influence: Strengthens India’s foothold in the Latin American and Caribbean region.
• Resource access: Facilitates access to Peru’s natural resources, crucial for India’s growing economy.
• Cultural exchange: Promotes cultural ties and people-to-people contact, fostering mutual understanding.

Significance for Peru:

• Economic diversification: Provides opportunities for Peru to reduce dependence on traditional trading partners.
• Market access: Offers access to India’s vast market, stimulating exports and economic growth.
• Technological collaboration: Facilitates technology transfer and innovation through bilateral cooperation.
• Investment opportunities: Attracts Indian investment in key sectors, contributing to Peru’s development goals.
• Diplomatic ties: Strengthens Peru’s diplomatic network, enhancing its global standing and influence.