Business Standard, India
India, Peru consider free trade pact to boost trade
In 2011, the bilateral trade between the nations stood at $835 million
Press Trust of India / New Delhi
12 July 2012
India and Peru are exploring the possibility of signing a free trade agreement (FTA) which would gradually eliminate tariffs on most of goods and services traded between the two countries.
"We have received a proposal from India (for signing an FTA) and this is under consideration ... Now our technical people are doing a feasibility study on it," Peru’s Vice-Foreign Minister for External Affairs Jose Beraun Aranibar said at a CII function here.
Peru’s Vice-Foreign Minister is on a two-day visit to India. Besides, the two countries will discuss ways to boost commercial ties tomorrow and will ink two pacts, including one in the field of geology and mineral resources.
In 2011, the bilateral trade between the nations stood at $835 million.
India’s exports to the South American country include organic and inorganic chemicals, drugs and pharmaceuticals, rubber products, machinery and textiles.
While imports from Peru are refined copper wires and minerals, zinc concentrates and manufactures, fish meal, wood and wood products.
India has already implemented comprehensive FTAs with countries such as Japan, Malaysia and South Korea.
Inviting Indian companies to make investments in Peru, Aranibar said, "We offer an investor-friendly environment and there is a lot that we can learn from each other."
The potential areas for investments in Peru are petrochemicals, energy, real estate, organic products, he added.