Peru Shaping Global Trade Ties: Eyes on India and Indonesia

Peru is pushing for a free trade agreement with India by 2025 and advancing talks for a similar deal with Indonesia. Trade with India has surged, led by gold exports. The nation eyes further trade developments, renewing agreements with China and considering an economic pact with Brazil.

Peru is prioritizing efforts to clinch a free trade agreement with India by 2025 and stepping up talks to establish a similar trade pact with Indonesia, according to Ursula Leon, Peru's Minister of Foreign Trade and Tourism. The agreement with India would position Peru as a trade partner with the world's two most populous countries, alongside China, with whom it has had an agreement since 2009.

Negotiations with India had stalled at eight rounds due to Peru's electoral process in 2024. "We are hopeful that resuming talks will lead to a finalized agreement with India by next year," Leon shared during an office interview on Friday.

Peruvian gold exports have significantly enhanced trade with India, clocking $3.5 billion from January to September, marking a 77% increase from the previous year. As the world's third-largest copper producer, Peru seeks to expedite its trade discussions with Indonesia at the upcoming Asia-Pacific Economic Cooperation (APEC) forum in Lima. Additionally, Peru plans to update its trade agreement with China and aspires to establish an economic agreement with Brazil, pending anti-corruption protocols since 2016.

(With inputs from agencies.)