With bilateral trade between India and the Peru touching an all-time high of $1.60 billion, the next round of talks for a free trade agreement between the two countries will take place next month.
A senior diplomat in the Embassy of India in Lima said that, “Officers from both countries are meeting for the third round of negotiations in New Delhi from December 4 to 7.”
The aim of this FTA between the two countries seems to be liberalising norms for trade in goods and services. Both sides are keen on expanding their trade basket especially in the agriculture sector as well as deepening their trade and investments.
The Financial Express was the first to report that the talks of the special trade agreement with Peru started in 2017 and since then two round of talks have already taken place.
The two countries have complementary seasons; soon there will be shipments of mangoes and potatoes underway. A lot of citrus fruits, avocado, grapes and quinoa are already being marketed.
In 2015, Peru was the second largest exporter of table grapes -the Red Globe variety- to India, a position it holds even today. These grapes are typically available in Indian supermarkets between December and April every year. Also, Indian importers have shown a growing interest in Peruvian avocados, leading to a steady increase in its consumption since 2016.