Peru and India: Ties stronger than ever
The Peruvian Vice Minister of Foreign Trade, Edgar Vasquez, traveled to India earlier this month to negotiate conditions regarding trade agreements between both nations. During the meeting, authorities discussed topics concerning Peru's natural resources in the Indian market and Indian investments in Peru.
Peru and India are countries that have a lot in common, both are multi-ethnic nations that are seeking to expand their market through its natural products and technology. Therefore, authorities from India and Peru feel that trade negotiations would be beneficial for both economies.
The last details and preferential trade conditions will be discussed by the Commerce Secretary of India in June says Edgar Vasquez to the Economic Times.
In recent years, India and Peru's bilateral relationship has become stronger and also their exports have been increasing. India’s trade with Peru registered purchases worth $1,523.35 million between 2015 and 2016.
Which are the main products that India exports to Peru? Motor vehicles, iron and steel products, cotton and manmade yarn, drug formulations, auto tires and tubes.
Peruvian shipments to India include products such as bulk minerals and ores, gold, fertilizers, zinc and its products, fresh fruits, inorganic chemicals, cocoa products, finished leather and aluminum.
Do you think this new foreign trade agreement would be beneficial to Peru?