The ninth spherical of negotiations with Peru concluded on November 5 in Lima.
Peru is a significant producer of vital minerals, that are key inputs for electronics, auto and photo voltaic sectors.
“The discussions witnessed substantive progress throughout key chapters of the proposed settlement, together with commerce in items and providers, guidelines of origin, technical boundaries to commerce, customs procedures, dispute settlement, and demanding minerals,” the ministry stated in an announcement.
The Indian delegation is being led by Vimal Anand, Joint Secretary within the Division of Commerce and Chief Negotiator for the pact.
Teresa Stella Mera Gomez, Minister of International Commerce and Tourism of Peru, reaffirmed the nation's dedication to the well timed conclusion of the negotiations, highlighting the complementarity between each economies and expressing optimism that the settlement will improve commerce and funding flows.Vishvas Vidu Sapkal, Ambassador of India to Peru, famous that the settlement would create new alternatives for cooperation in areas like vital minerals, prescription drugs, cars, textiles and meals processing.”Either side agreed to carry inter-sessional conferences to deal with pending points forward of the following spherical of negotiations proposed to be held in New Delhi in January 2026,” the ministry stated.
In the meantime, India and Chile have additionally concluded the third spherical of negotiations for a Complete Financial Partnership Settlement (CEPA) in Santiago, held on October 27-30.
“India's rising commerce engagement with Peru and Chile displays its strategic concentrate on constructing stronger partnerships with the Latin American area by mutually useful and complete financial cooperation frameworks,” the ministry stated.
India and Chile applied a preferential commerce settlement (PTA) in 2006 and are actually negotiating to widen its scope for a complete financial partnership settlement.
CEPA goals to construct upon the present PTA between the 2 nations and seeks to embody a broader vary of sectors, together with digital providers, funding promotion and cooperation, MSMEs (micro, small and medium enterprises), and demanding minerals.
The bilateral commerce between India and Chile is modest. In 2024-25, India's exports to Chile had been down 2.46 per cent to only USD 1.15 billion. Imports, nevertheless, grew 72 per cent to USD 2.60 billion.
The most important Indian exports to Chile are auto and pharma. The largest imports from Chile are minerals price round USD 1.58 billion. Different merchandise imported from Chile are copper and chemical compounds.
Chile is the fifth-largest buying and selling accomplice of India within the LAC (Latin American international locations) area.
India's exports to Chile are diversified and represent motor automobiles/automobiles, drug formulations, chemical compounds, iron and metal merchandise, man-made yarn, materials, cotton materials, made-ups, RMG (ready-made clothes), auto parts, electrical equipment and gear, leather-based items, rubber merchandise, aluminium and its merchandise, and ceramics.
However, Peru has emerged because the third-largest buying and selling accomplice of India within the Latin American and Caribbean areas.
In 2024-25, India's exports to Peru rose by about 9 per cent to USD 1 billion, whereas imports grew 60 per cent to USD 4.98 billion.
India's predominant exports to Peru embrace bikes and three-wheelers, polyester and cotton yarns, prescription drugs, iron and metal merchandise, plastic merchandise, rubber, pipes for the oil and gasoline business, tyres and pipes, amongst others.
Primary imports from Peru are gold, copper, artificial filaments, phosphates of calcium, recent grapes, and fish flour.
