Peru and India in May are apparently to begin negotiations for an investment promotion and protection agreement, according to the Peruvian Ministry of Foreign Trade and Tourism (Mincetur) and reported by Andina.
As part of the plan, the two countries will also reportedly launch a feasibility study in order to establish a bilateral Free Trade Agreement (FTA) in the short term.
“In May, a delegation of Peru's Agency for Promotion of Private Investment (ProInversion) and of Mincetur will travel to India to begin the bilateral investment agreement talks and launch an FTA feasibility study,” Deputy Foreign Trade Minister Carlos Posada said.
Minister Posada added that the development of the feasibility study would last between approximately four and six months.
“Obviously, we’ll go after India willingness. We hope that by the end of year, we can have a positive answer from their government in order to start an FTA. However, a joint feasibility study comes first,” Minister Posada told Andina.
The deputy minister pointed out that Peru would be the second country in the region to achieve an FTA with India, after Chile, and now it has all the chances to obtain better conditions in the agreement.
The report said products which could benefit from the agreement include: fresh flowers, beans, asparagus, onions, olives, frozen potatoes, paprika, canned artichokes, chestnuts, fresh grapes, citrus fruit, fresh avocados, oranges, mangoes, coffee and tea.
