India, Peru to begin talks on preferential trade pact in June

India and Peru will commence negotiations towards finalisation of a comprehensive economic and preferential trade agreement in June, Peru's Vice Minister of Foreign Trade Edgar Vasquez said today.
"India and Peru would begin talks for finalisation of comprehensive economic and preferential trade agreement between the two in the month of June, with Commerce Secretary, Government of India, landing at Peru for the job," Vasquez said while addressing a meeting with members of the PHD Chamber.
He added that Peru wants to sign a comprehensive and preferential trade agreement with India on lines of agreements that it has with 53 other countries.

Currently, the terms and references preceding to proposed comprehensive economic agreement between India and Peru are being finalised which would ultimately lead to conclusion of such an agreement for which talks would commence in June this year, the Minister explained.
Besides, the Minister said, Peru is likely to open its market for Indian basmati, mangoes and grapes provided India reciprocates on its demand to open Indian market for Peru's fruits.
In order to explore the possibility of a trade agreement with Peru, India had concluded a Joint Study Group report on the feasibility of such a trade agreement during the visit of a delegation to Lima, Peru on September 26-28, 2016. Both sides had then agreed to a time-frame to carry forward the discussions for negotiating a trade agreement.

In recent years, trade between India and Peru has been growing. India's trade with Peru stood at USD 1,523.35 million during 2015-16. Among the top ten commodities of India's export to Peru are motor vehicles, products of iron and steel, cotton and manmade yarn, drugs formulations, iron and steel, auto tyres and tubes, etc.
The top ten commodities of India's import from Peru are bulk minerals and ores, gold, fertilisers, zinc and its products, fresh fruits, inorganic chemicals, cocoa products, finished leather and aluminum and aluminum products.