12 April 2024 : PIB Summary for UPSC
PIB Summary for UPSC
12-April-2024
1. 7th round of the India-Peru Trade Agreement Negotiations concludes in New Delhi.
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Topic: GS2 – International Relations – Bilateral Relations India-Peru Trade Agreement: Signifies diplomatic ties, economic cooperation, and strategic importance; relevant for international relations in UPSC exams. |
| Context |
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● 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: |
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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. |
| Practice Question: Discuss the significance of the India-Peru Trade Agreement in fostering bilateral relations and its implications for global trade dynamics. (150 Words /10 marks) |
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