India and Peru will commence their tenth round of negotiations in January, 2026, in New Delhi, confirmed the Ministry of Commerce and Industry on Thursday.
India and the South American nation concluded their ninth round of negotiations in Lima on November 5. The Indian team is led by Vimal Anand, Joint Secretary in the Department of Commerce and Chief Negotiator for the pact.
“The discussions witnessed substantive progress across key chapters of the proposed agreement, including trade in goods and services, rules of origin, technical barriers to trade, customs procedures, dispute settlement, and critical minerals,” the ministry said in a statement.
Teresa Stella Mera Gomez, Minister of Foreign Trade and Tourism of Peru, expressed optimism for a timely conclusion to the negotiations, saying it will enhance trade and investment between the two countries that share many commonalities economically.
Peru is a major producer of critical minerals – key inputs for electronics, auto and solar sectors – and the source of global trade wars currently, especially after China, which has dominance in rare earths’ production and processing, put restrictions on their exports.
Vishvas Vidu Sapkal, Ambassador of India to Peru, noted that the agreement would create new opportunities for cooperation in areas like critical minerals, pharmaceuticals, automobiles, textiles and food processing.
“Both sides agreed to hold inter-sessional meetings to address pending issues ahead of the next round of negotiations proposed to be held in New Delhi in January 2026,” the ministry further stated.
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Meanwhile, India and Chile have also concluded the third round of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) in Santiago, held between October 27-30.
“India’s growing trade engagement with Peru and Chile reflects its strategic focus on building stronger partnerships with the Latin American region through mutually beneficial and comprehensive economic cooperation frameworks,” the ministry said about expanding its export basket.
India and Chile implemented a preferential trade agreement (PTA) in 2006, and are now negotiating to widen its scope for a comprehensive economic partnership agreement.
CEPA aims to build upon the existing PTA and encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSMEs (micro, small and medium enterprises), and critical minerals.
The bilateral trade between India and Chile is rather modest, with India exporting goods that accounted for a total of just 2.46 per cent in 2024-25, worth USD 1.15 billion. Imports, however, grew 72 per cent to USD 2.60 billion.
The largest Indian exports to Chile are auto and pharma, while the biggest imports from Chile are minerals worth around USD 1.58 billion. Other exports include motor vehicles/cars, drug formulations, chemicals, iron and steel products, man-made yarn, fabrics, cotton fabrics, made-ups, RMG (ready-made garments), auto components, electric machinery and equipment, leather goods, rubber products, aluminium and its products, and ceramics.
Other products imported from Chile are copper and chemicals.
Chile is the fifth-largest trading partner of India in the LAC (Latin American countries) region.
On the other hand, Peru has emerged as the third-largest trading partner of India in the Latin American and Caribbean regions. In 2024-25, India’s exports to Peru rose by about 9 per cent to USD 1 billion, while imports grew 60 per cent to USD 4.98 billion.
India’s main exports to Peru include motorcycles and three-wheelers, polyester and cotton yarns, pharmaceuticals, iron and steel products, plastic products, rubber, pipes for the oil and gas industry, tyres and pipes, among others.
Main imports from Peru are gold, copper, synthetic filaments, phosphates of calcium, fresh grapes, and fish flour.
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