The current paper investigates how ESP teachers and learners may benefit from feedback exchange during the learning process. The article is a qualitative analysis of student feedback provided for ESP classes by learners from a Romanian economic university -- i.e. the Bucharest University of Economic Studies. Responses refer to: the development of (general and business) English skills, enhancing self- and peer awareness, benefits of peer cooperation. The analysis is undertaken by an interdisciplinary team comprising an English teacher and a psychologist and discusses the relevance of such assignments for the development of students' and teachers' competences. We place our analysis against the background of research on (language) teacher competences and (language) learner competences in professional frameworks developed in Europe, Asia, Australia, North America, highlighting the complex teacher and learner/ graduate profiles required across the world, as well as the contribution of feedback exchange skills to this profile.