India, Peru likely to hold talks on free trade pact in June, diplomat says

NEW DELHI: India and Peru will ​probably hold the next ​round of talks on a proposed free trade ​pact next month, a senior Peruvian diplomat told Reuters, adding that a deal could be signed by the end of the year.

"In principle, ‌in June ⁠we are ⁠going to resume the negotiations," Javier Paulinich, Peru's ambassador to India, ​said.

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Peru, the world's third-largest producer of copper, is also negotiating a chapter on critical minerals with India, Paulinich said.

India's Ministry of Commerce and Industry did not immediately respond to an emailed request ​for comment.

India's Hindalco Industries was also ⁠looking to ‌buy copper from Peru, Paulinich said. "I think they are trying to negotiate," he said.

Hindalco did not immediately ⁠respond to a Reuters email seeking comments.

Peru produced ​about 2.7 million metric tons of copper ​in 2024 and attracted $4.96 billion in foreign investment in the sector.

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Anticipating a surge in demand and potential supply shortfalls, India, the world's fastest-growing major economy, has urged its mining companies to invest overseas to secure copper supply chains ‌and manage possible disruptions, according to a government policy document published last year.

India, the world's second-biggest importer ​of refined ​copper, may have ⁠to source 91% to 97% of its copper concentrate requirements from overseas by 2047, according to official estimates.

India's copper imports rose ​4% to 1.2 million metric tons in the fiscal year to March 2025. Demand is expected to climb to 3 to 3.3 million tons by 2030 and 8.9 to 9.8 million tons by 2047, the government has said.