Peru, India begin sixth round of negotiations for a trade agreement

By Espinosa Bellido Abogados

Peru's Foreign Trade and Tourism Ministry (Mincetur) officials and their Indian counterparts began the sixth round of negotiations with a view to reaching a trade agreement between both countries.

Deputy Foreign Trade Minister Teresa Mera and Indian Ambassador to Peru Vishvas Vidu Sapkal delivered the opening remarks in front of the delegations of both countries.

The negotiation process began in New Delhi in August 2017. Five rounds were held, the last one being in August 2019. However, negotiations were stopped due to the COVID-19 pandemic.

In the last two decades, bilateral trade between Peru and India has increased considerably, going from USD 73 million in 2003 to more than USD 3.3 billion in 2022.

Peru exported about USD 2.3 billion to India in 2022, mainly minerals such as gold (83% of total exports) and copper (15% of the total).

On the other hand, agricultural exports grew 34% in 2022 due to greater sales of fruits (8%), with the increase of blueberry exports (155%) standing out. 

Other products showed significant growth in exports to India, such as tara (110%) and coffee (7%).

Likewise, in 2022, a total of 597 Peruvian companies delivered shipments to India, of which 64% were micro, small, and medium-sized enterprises.