New Delhi [India], March 17 : Peru's Foreign Minister Elmer Schialer on Monday emphasised the importance of improving logistics between India and Peru to strengthen their economic ties.
He envisioned the construction of a naval and aerial hub, incorporating two massive ports, to facilitate smoother trade and commerce
"We need better logistics... construction of naval and aerial hub encompassing two huge ports... We hope that India soon touches the Peruvian soil in our airports...," said Schialer, who is here to attend Raisina Dialogues 2025.
The India-Peru Free Trade Agreement, currently under negotiation, aims to boost bilateral trade and investment. The agreement will cover trade in goods and services, investment, and other areas of cooperation. Both countries have made significant progress in the negotiations, with the seventh round of talks concluding in April 2024.
During a recent discussion on the India-Peru Free Trade Agreement (FTA), Peru's Foreign Minister Elmer Schialer stressed the need for better logistics infrastructure to enhance trade between the two countries.
On the specifics of the India-Peru FTA, Schialer noted that India is Peru's third or fourth most important trading partner. He remarked that the FTA would send a "strong signal" to businesses in both countries to work more closely together. Schialer expressed his hope that the agreement could be signed by the end of the year, which would open the door to greater trade and commercial exchanges.
He also highlighted the shared industrial strengths between the two nations, particularly in mining. Schialer stated, "We might become the number one Copper exporter and producer if the right investment is done timely, which is why we are inviting Indian investors to invest in Peru."
Both countries have mutually agreed to set aside sensitive sectors like textiles to avoid hindering progress in other areas, with plans to address these sectors later for mutual benefit.
India and Peru have a long history of friendly relations, dating back to 1963. Their bilateral trade has grown significantly, from USD 66 million in 2003 to USD 3.68 billion in 2023. With the proposed free trade agreement, both nations are poised to explore new avenues for economic collaboration and mutual growth.
Schialer also highlighted the significance of the Global South, emphasizing the need for concrete measures and realistic approaches to foster cooperation.
He said that by focusing on tangible outcomes, nations can build stronger ties in areas like trade, investment, and culture.
"The essence of this needs to be based on realities and concrete measures... And then vast things like trade, investment, culture can be constructed," said the Peru Foreign Minister.
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