Peru’s Minister of Foreign Trade and Tourism, Magali Silva, announced that the Peruvian and Indian Government are coordinating the next visit of Rajeev Kher, Secretary in Department of Commerce, who might arrive in Lima during next May.
“Secretary Kher would visit our country by early May to continue encouraging the opening of negotiations for a FTA between both countries and [therefore] begin with the face-to-face works, which are part of the Joint Feasibility Study,” she specified.
Magali Silva stated that the JFS — to be drafted by representatives of India and Peru — would be completed in the next six months, and it is the previous step to formal negotiations. Once this study is finished, India-Peru FTA negotiations would be officially launched.
It should be noted the feasibility of a bilateral trade agreement will be analyzed by a group of officials, who conduct the Joint Feasibility Study. It is composed of representatives of the Trade Ministries of Peru and India. This group will start an online meeting in the next days.
A potential market
According to Peru’s Ministry of Foreign Trade and Tourism, during 2014 bilateral trade between India and Peru surpassed US$1.158 billion. Of the amount, US$321 million represented exports, and US$837 million imports.
Regarding the non-traditional exports, the products standing out were: Calcium phosphates, acrylic fibers, grapes and boric acid, among others. Regarding traditional products exported: raw gold, silver, copper, zinc, lead and fish meal stand out.
India-Peru FTA will allow the arrival of Indian firms to Peru and the establishment of joint ventures in different sectors, both for the local market and to boost Peru’s exports of services.