The Andean country's Minister of Tourism and Foreign Trade, Desilú León, says the eighth round of negotiations between the two countries will resume next week.

The Minister of Foreign Trade and Tourism, Desilú León, announced today that Peru and India will resume negotiations next week to finalize a Free Trade Agreement (FTA).

"We can announce that we have held a meeting with the Indian Minister of Commerce and Industry (Piyush Goyal), who has committed to resuming negotiations that have been on hold for some time, so this is good news that we are bringing to Peru," he said on TV Perú .

"We're resuming the eighth round, and negotiations will restart next week, which is extremely important because working together to conclude this agreement will further strengthen our trade relationship," he added.

At the 10th edition of the India-Latin America and the Caribbean (LAC) Business Summit, being held in New Delhi, Desilú León highlighted the importance of concluding negotiations on a trade agreement between Peru and India as a key tool for boosting trade between the two countries.

"This will allow us to have competitive advantages, such as the issue of tariffs, for a more favorable bilateral trade relationship," he said.

"Negotiations began in 2018 and have been ongoing for several years; however, they were halted last year, and we have been making arrangements to resume them. Through this visit, and being able to personally meet with the political actors responsible for the continuation of these negotiations, we can announce the resumption of the rounds of negotiations for the FTA with India," he added.

The minister highlighted the interest of Indian business leaders in investing and establishing trade relations with Peru.

"This opens up an important market for Peruvians because we're talking about a country with more than 1.4 billion inhabitants, where demand for goods and services is extremely high, part of which we can meet with our high-quality products from Peru," he explained.

“Currently, India is our second-largest trading partner in Asia and our fourth-largest globally, with trade reaching US$5.8 billion in 2024, while Peruvian exports were close to US$4.7 billion and grew by more than 86% last year,” he said.

INVESTMENTS IN RAILWAYS?

On the other hand, Indian-owned companies have also shown interest in coming to Peru to invest in various sectors, particularly in infrastructure and rail connectivity.

This was stated by the president of the Indian Chamber of Commerce in Peru (Incham), Rohit Rao, in an interview with the Andina Agency .

"India is interested in investing in Peru, especially in terms of connectivity. Serious meetings are already underway with the Private Investment Promotion Agency (ProInversión) to ensure the rapid arrival of Indian companies and railways," he indicated.

According to Rohit Rao, there is a mutual interest between India and Peru to work together not only in connectivity and infrastructure but also in foreign trade, as evidenced by the ongoing negotiations to reach a Free Trade Agreement (FTA) between the two countries.

"Once the FTA is signed, the massive Indian market will open up to all Peruvians. That will happen very quickly, but for that, we also need connectivity, so that a producer from Huancavelica or Mollendo (Arequipa) can easily sell their product to India," he said.

The union leader stated that the most attractive sectors for Indian companies would be health, textiles, agricultural exports, mining, and metalworking.

"We're waiting for the FTA to be signed so our companies can come and set up in Peru, manufacture with Peruvian entrepreneurs, and even export with them. We hope to participate in the very near future. Peru is a place for investment; we believe we are very similar countries, and that's why we should strive to work together," he emphasized.

For his part, Raman Singla, general manager of the Indian company Rail Vikas Nigam Limited (RVNL), mentioned during the IV Meeting of Regional and Binational Chambers of Commerce "The Future on Rails: Perspectives from India for Peru" that collaboration between the two nations could allow for greater economic growth.

"We would like to grow together with Peru. We are looking to develop infrastructure in that country," said the representative of the Indian Railway Company.