Peruvian and Indian governments have completed the Foreign Trade Agreement (FTA) Joint Feasibility Study, Peru's Foreign Trade and Tourism Minister Eduardo Ferreyros informed.
The announcement takes place within Indian Ministry of Commerce officials' visit to the Inca nation to hold FTA discussions with Peruvian authorities.
In this respect, Ferreyros met with India's Joint Commerce Secretary responsible for Latin America region Anita Praveen in order to complete the Study and define the next steps to begin FTA negotiations.
The government official highlighted the agreement will open up major opportunities for Peruvian companies, since India stands as Asia's second largest economy, with a GDP of US$2.091 billion.
"We not only expect to reduce tariffs for Peruvian products with this agreement, but also to get Indian market access for our service exports, such as gastronomic franchises [restaurants], professional services and IT-related services," he pointed out.
Negotiations also seek to consolidate Peru's image as an attractive destination for foreign investment, and to facilitate access for Peruvian capitals in India.
"Peruvian investments have already reached India, so we expect this agreement to consolidate their presence and open up the doors to more Peruvian capitals," the minister affirmed.
"We expect to hold a first meeting with India's negotiating group prior to the end of the year to define negotiation modalities. India needs to carry out an internal proceeding before its Cabinet, which could take two to three months," he explained.
Benefits and Opportunities
FTA opportunities for Peruvian enterprises were also stressed by Foreign Trade Deputy Minister Edgar Vasquez, who underscored India's relevance as a 1.2 billion population and the world's tenth biggest importer.
Remarks were made during the conference Peru-India FTA: Benefits and Opportunities, organized by Peru's Foreign Trade and Tourism Ministry and Universidad del Pacifico.
The event was also attended by India's high-ranking officials, as well as academia and private sector representatives.
(END) RGP/JJN/DHT/MVB