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India-Peru Trade Pact set to take shape by 2024-end, round 6 of negotiations to start soon.
Feb 14, 2024

India and Peru have been seeing a steady growth in their trade relationship and the expectation is it may grow in double digit incrementally every year. In fact Financial Express Online learns that the negotiations for the India-Peru Trade Agreement is likely to be wrapped up this year even as preparations for Round 6 of talks start in full swing.
 
Talks for this pact commenced in 2017 and the fifth round was concluded in August, 2019. On account of Covid, the negotiations came to a pause. Luis Cabello – Trade and Tourism Counsellor of Peru in India is however optimistic as the sixth round of negotiations are set to begin soon, 'The sixth round of negotiations for the trade agreement between Peru and India will start. We expect to wrap it up by end of this year (2024).'
 
As per official data provided by both the Indian and Peruvian officials, the bilateral trade volume reached $3.12 billion in FY2023. India exported goods worth $865.91 million to Peru, and Peru’s total exports to India in 2023 equaled $2.55 billion. Key Indian exports to Peru include motor vehicles/cars, cotton yarn and pharmaceuticals, while Peru primarily exports gold, silver, copper ores and concentrates, industrial metals like aluminium, iron and agri products include blueberries predominantly.
 
Cabello pointed out that what really helps is that 'India and Peru are two complementary economies. We are not competing with each other. So that is why this agreement will be convenient for both economies. This does not just cover goods but also services and movement of people. It also covers investment.' As a result, he is confident of seeing 'at least 10% growth every year in trade volume between Peru and India.' 
    
financialexpress.com

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