Peru seeks India FTA in short term
Peru's Ministry of Foreign Trade and Tourism (MINCETUR) has announced plans to sign a free trade agreement (FTA) with India in the short term, with delegates bound for the South Asian nation in May, Diario Oficial El Peruano reported.
Vice Minister of Foreign Trade Carlos Posada told the newspaper he hoped India's response to an FTA feasibility study proposal would be positive.
"Around May a a Peruvian delegation from the Private Investment Promotion Agency (Proinversión) and MINCETUR will travel to India to initiate a bilateral investment treaty, and use that space to launch an FTA feasibility study," Posada was quoted as saying.
"We want to strengthen ties with India and we would like to increasingly make headway in other aspects. The idea is to consolidate relations in all dimensions, not only in the field of investment, but also in services and exchange of goods."
He said the goal was to reach an FTA in the short term, while an investment protection and promotion agreement could be signed within a period between three months and a year, the story reported.
Posada highlighted an FTA with India would likely boost trade between the two countries by 25% in the first three years of implementation.
In terms of Peru's FTA with the European Union, the Ministry of Agriculture (MINAG) has forecast a US$500 million increase in exports over the medium term, website Andina.com.pe reported.
The story reported some of the major products to benefit from the EU FTA would be fresh flowers, beans, asparagus, onions, olives, frozen potatoes, paprika, canned artichokes, chestnuts, fresh grapes, citrus fruit, fresh avocadoes, oranges, mangoes, coffee and tea.
Photo: Simon Collins