New Delhi: India and South American country Peru will hold their next round of negotiations for a proposed free-trade agreement (FTA) at Lima in December, an official said.
"Chief negotiators from both the countries will hold the sixth round of negotiations for the agreement in Lima in December," the official said.
In an FTA, two trading partners 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.
In the fifth round of talks, senior officials of both sides deliberated upon issues such as national treatment and market access for goods, investments, dispute settlement, customs procedures, and trade facilitation.
The main chapters of the agreement include 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.
With growing uncertainties in its traditional markets, including the US and Europe, India is looking to enhance engagements with other regions such as Africa, South America and Central Asia.