The governments of Peru and India started negotiating a free trade agreement (FTA) between the two countries in New Delhi today, stated the Ministry of Foreign Trade and Tourism (Mincetur) of Peru.
The first talks will continue until next Wednesday and aim to set the terms of reference for the negotiations.
The Peruvian delegation that travelled to India is headed by the Deputy Minister of Foreign Trade, Edgar Vasquez, who said that the trade agreement would include provisions on market access and trade in goods, services and investment, among other things.
Vasquez said the treaty is expected to reduce tariffs set by India for Peruvian products and gain access to the Indian market for different services, such as restaurant franchises and other services related to information technology.
During their stay in India, the Peruvian delegation will also meet with officials from the agriculture sector to discuss the importance of maintaining expedited processes that do not hamper the entry of Peruvian products.
In addition, they will make presentations to Indian business associations to publicize Peru's exportable products and the benefits of a trade agreement between both countries.
The Feasibility Study of the trade agreement between Peru and India was concluded in September 2016 and it determined that Peruvian exports to India could increase by up to 12%, mainly in the clothing, fruit and vegetable, and chemicals sectors, among others.
Peruvian exports to India in 2016 amounted to $930 million dollars, i.e. 37.4% more than in the previous year, according to data from Mincetur.
Source: eleconomista.net