Peru’s Ministry of Foreign Trade and Tourism (Mincetur) has embarked on the first technical meetings with the Indian government with the objective of achieving a bilateral trade agreement.
The meetings, which are taking place this week in New Delhi and being led by Peru’s vice minister of foreign trade, Edgar Vásquez, will set out the reference terms for future negotiations on the trade deal.
In September 2016, Mincetur announced the completion of a joint Peruvian-Indian feasibility study, which predicted that Peruvian exports to India could increase by up to 12 per cent if a deal is reached, with fruits and vegetables, clothing and chemicals among the main beneficiaries.
Vásquez said an agreement would not only reduce the tariffs faced by Peruvian exporters but also open up the Indian market for service sectors such as restaurants and information technology.
The meetings will include discussions between agricultural representatives from both countries on the importance of putting in place adequate phytosanitary procedures to ensure the smooth entry of Peruvian products to India.
Peruvian exports to India grew by 37.4 per cent in 2016 compared to the previous year, reaching US$929.9m.