India and Peru to resume FTA talks

Commerce secretary Sunil Barthwal Friday said India and Peru have decided to resume negotiations for a proposed free trade agreement (FTA). "We have decided to proceed with the FTA negotiations. We would be working out the priority areas... Post September, we will start engaging," he said on the sidelines of India-Latin America and the Caribbean (LAC) conclave organised by Confederation of Indian Industry.

"If the countries are interested in FTAs, we will also look into possibilities," he said, adding that Chile is also requesting for a similar agreement. The trade pact talks would be resumed after the Covid-19 pandemic. Few rounds of talks were held before the pandemic.

India-Peru bilateral trade was $3.11 billion in FY23.


Stating that imports from India constitute less than 2% of LAC's total imports, Barthwal said that there is significant scope for expansion of India-LAC bilateral trade and that efforts are on to double the bilateral trade to $100 billion in the coming years. -Our Bureau