India, Peru complement each other; Lima hopes to be Delhi's gateway to the region: Minister
NEW DELHI: India and Peru will commence negotiations towards finalisation of a comprehensive economic and preferential trade agreement in June with the multicultural and multiethnic Latin American country hoping to emerge as India's gateway to the region.
Peru’s Vice Minister of Foreign Trade Edgar Vasquez visited India earlier this month and held wide-ranging discussions on increasing trade in natural resources and Indian investments in the region.
"India and Peru complement each other. We are similar in many ways from multiethnicity to variety of culture to food. Therefore Indians feel at home in Peru. 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 told ET during his visit.
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.
The Minister informed that Peru has similar laws for foreign as well as local investors with regard to acquisition of land and urged India to take advantage of this opportunity.
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 $ 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.
Peru’s Vice Minister of Foreign Trade Edgar Vasquez visited India earlier this month and held wide-ranging discussions on increasing trade in natural resources and Indian investments in the region.
"India and Peru complement each other. We are similar in many ways from multiethnicity to variety of culture to food. Therefore Indians feel at home in Peru. 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 told ET during his visit.
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.
The Minister informed that Peru has similar laws for foreign as well as local investors with regard to acquisition of land and urged India to take advantage of this opportunity.
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 $ 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.
