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India Agrees To Negotiate FTA With Peru

by Mary Swire, Tax-News.com, Hong Kong

20 January 2017


It was announced on January 18 that, following Indian Government approval, negotiations could begin on a free trade agreement (FTA) between India and Peru.

A feasibility study, which began in 2014 and was concluded in September last year, found that a comprehensive FTA, covering trade in goods, trade in services, and investment, would provide significant economic benefits to both countries. Talks on the agreement are likely to commence in the first quarter of this year.

Peru's Minister of Foreign Trade and Tourism, Eduardo Ferreyros, has confirmed that the FTA would be expected to reduce Indian import duties for Peruvian products. In particular, the feasibility study identified that Peruvian exports to India could increase by up to 12 percent, mainly in the clothing, fruit and vegetables, and chemical sectors.

The FTA would constitute the first comprehensive agreement that India has negotiated with a Latin American country. Total trade between India and Peru currently reaches USD1.6bn annually, with Indian exports at around USD900m. An initial target would be to raise total trade beyond USD2bn.

TAGS: tax | investment | free trade agreement (FTA) | India | agreements | Peru | trade | services

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