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New Delhi, Nov 14 (PTI) The next round of negotiations for the proposed free trade agreement between India and South American nation Peru will be held after finalisation of the FTA strategy, under preparation by the commerce ministry.
The standard operating procedure (SOP) or strategy document for negotiating free trade agreements (FTAs) is expected to be ready by the end of this year. It is an internal document aiming to standardise the processes of negotiations of these pacts.
So far, seven rounds of talks have been completed between the officials of India and Peru.
"Eighth round of negotiation will be initiated after finalisation of overall FTA strategy/SOP," according to the ministry.
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Peru has emerged as the third-largest trading partner of India in Latin American and Caribbean regions. In the last two decades, the trade between India and Peru has increased from USD 66 million in 2003 to around USD 3.68 billion in 2023.
During 2022-23, the bilateral trade between India and Peru stood at USD 3.12 billion.
The ministry also informed that the negotiations for a comprehensive economic partnership agreement (CEPA) with Oman were completed in March this year, but further discussions are ongoing.
For India, Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries. India has already implemented a trade pact with another key GCC member - the UAE.
About India and the five-nation Eurasian Economic Union (EAEU) bloc proposed FTA, it said draft terms of references shared by the group is under finalisation.
The five members of the EAEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
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