India and Peru Conclude 7th Round of Free Trade Agreement Talks
India and Peru Conclude 7th Round of Free Trade Agreement Talks

India and Peru Wrap Up 7th Round of Free Trade Talks:  India and Peru have wrapped up their seventh round of talks for a free trade agreement (FTA), aiming to strengthen economic ties, according to a senior Indian government official.

The next round of discussions is set for the second week of June in Lima. The focus is expected to be on reaching common ground on trading goods and services, said the official, who preferred to remain anonymous.

The FTA holds strategic significance for India's ambitions in accessing Peru's lithium reserves, crucial for its burgeoning electric vehicle sector. Peru, located within the 'lithium triangle' along with Bolivia, Argentina, and Chile, holds key resources.

The recent four-day talks, commencing on April 8, were aimed at understanding each party's priorities and concerns to ensure mutual benefits, as per a statement from the commerce ministry.

India's commerce ministry has placed finalizing the trade pact with Peru on its 100-day agenda.

Both nations are striving to reduce or remove customs duties on various goods and simplify regulations to foster trade in services, the official noted.

The discussions also encompassed the movement of individuals, rules of origin, and measures related to health and plant health, according to the ministry's statement.

Negotiations for the FTA began in 2017, with the fifth round concluding in August 2019. Talks resumed after a pause due to the pandemic, with the sixth round taking place in February this year.

Apart from lithium, Peru is a significant producer of lead, zinc, gold, copper, and silver.

Bilateral trade between India and Peru has been steadily growing. In FY23, the trade volume reached $3.12 billion, with India exporting goods worth $865.91 million to Peru and importing goods valued at $2.25 billion from the country.

Data from the government’s Niryat portal shows that India’s exports to Peru from April to December totaled $699.04 million, including motor vehicles, cotton yarn, and pharmaceuticals. Peru primarily exports gold, copper ores, and concentrates to India.

US Trade Delegation to Explore Agribusiness Opportunities in India

US and China Set to Tackle Manufacturing Excess and Economic Growth Challenges


Join NewsTrack Whatsapp group
Related News