India, Peru discuss ways to enhance bilateral trade

NEW DELHI: India and Latin American country Peru today discussed ways to enhance economic cooperation and tap areas like minerals, hydrocarbons, engineering and IT.

In a meeting here, India's Minister of Commerce and Industry Anand Sharma and Peru's Minister of Trade and tourism Eduardo Ferreyros said that both the countries should actively work together for enhancing economic cooperation.

"The most important sectors that can be tapped are minerals, hydrocarbons, engineering, IT, science and technology," an official statement said.

To boost trade and investment between India and Latin American countries, the government had initiated a programme called "FOCUS: LAC", which provides incentives and financial assistance for supporting and encouraging Indian exporters and companies to boost trade in the region.

At present, Peru is India's eighth largest trading partner in Latin America.

The two-way commerce between the two countries in 2009-10 was about $411 million.

India's exports to Peru comprise of drugs, chemicals, cosmetics, rubber products, bicycles, motorcycles, machinery textiles and handicrafts. Imports from Peru are copper wires, minerals, zinc and wood products.