For months the Peruvian government as well as Indian government has been preparing to enter into a new level of relations that would benefit both sides and create a new dynamics of bilateral relations in Asia and Latin America.
With Narendra Modi coming to power, the diplomatic efforts between Peru as well as India has increased manifold. This can been noticed from the recent visits of his excellency Mr. Edgar Vásquez, the Foreign Secretary of Peru who signed the first round of Free Trade Agreement between India and Peru in the last week of August 2014.
During his visit the Foreign secretary Mr. Vásquez attended a series of business as well as official meetings. He convinced the business community as well as the policy makers of India that the FTA will provide preferential treatment to many sectors of goods and services. This would benefit both sides.
His excellency, Javier Paulinich, Ambassador of Peru to India along with his counterpart in Peru has been studying the feasibility of developing Free Trade Agreement for months. Earlier during a press conference in May 2014, Ambassador Paulinich has already express the his government plans to increase current bilateral trade between India and Peru from US$1.5 billion to US$2 billion.
With India’s presence through many business houses in Peru, the business community in India is very much excited about the FTA, as India is going to benefit from the mineral reserves of Peru and its infrastructure development opportunities that it offers. Similarly Peru is going to take benefits from India in Information Technology, Space Technology and Heavy Industries as India offers high quality of services in these sectors at a very competitive price.