The first round of Peru-India Trade Agreement Negotiations will take place during the first half of this year. In September 2016, Peru and India concluded the joint feasibility study for an agreement in trade in goods, services, investment and cooperation. This study revealed the potential of India to expand the bilateral trade with Peru and vice versa. It also concluded that both economies were complementary. This was stated by Mr. Edgar Vasquez, Vice Minister of Foreign Trade, Republic of Peru, at a business interactive session organized by FICCI in collaboration with the Embassy of Peru. In his presentation on Trade and Investment Opportunities with Peru, Mr. Edgar said that Peru could be a very attractive destination for Indian investors because the country had a stable, predictable and transparent regime for foreign investors. He added that Peru also had many sectors open for trade and investment. Mr. Ashok Das, Joint Secretary (LAC), Ministry of External Affairs, Government of India, said that India and Peruwere negotiating a framework to boost trade and investment as there was immense potential to further bilateral relations.
He added that though the bilateral trade figures have been impressive but this number could increase significantly once the trade agreement is in place. Mr. Das said that India and Peru could also explore possibilities of joint projects in multilateral and bilateral contracts. He added that active mechanisms were in place for periodic exchange of ideas between India and Peru. Mr. Sagar Kaushik, COO, UPL Limited, said that India and Peru shared views on a number of international issues and had a friendly and cordial relationship. There was a need to step up bilateral trade; however it must be moderated in a complementary way which should benefit both India and Peru. He added that Peru can act as a key bridge to Latin America for India. At the meeting, industry leaders shared their experiences in doing trade with India and Peru.
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