India and Peru will have the 7th round of FTA (Free Trade Agreement) talks to increase the relationship between the countries. Both countries are trying to make their economic ties stronger. There has been a curiosity among the people to know more about India and Peru FTA discussions. There are several reasons for both countries wanting to join the agreement. Let us dive deep into the details of India and Peru’s upcoming FTA below.
India And Peru Will Have 7th Round Of FTA Talks
India and Peru are trying to make the Free Trade Agreement. India has its reasons for putting the effort into the agreement. As we all know India is engaging more in the electric vehicles industry, and connections with Peru will help them in accessing the Lithium reserves. The agreement took place that both countries should benefit equally from the trade.
This will lead to a win-win situation for both countries. The trade will have additional benefits for all. As we all know countries like Bolivia, Argentina, and Chile are known as the ‘Lithium Triangle’. Thus, it will help the country expand its electric vehicle production with Lithium batteries easily. The discussion between the two countries is going from 8 April.
They will also reduce the customs duties upon the trade for the ease of the exchange between the countries. Both the countries are maintaining a healthy trade relations already. Thus, India completed an export of around $865.91 million with Peru. In exchange, it did an import of $2.25 billion from the country. It includes products of daily use and basic needs. Products like cotton yarn, pharmaceuticals, and motor vehicles are a must.
Thus, to conclude, Peru and India are in discussions for the Free Trade Agreement to strengthen their economic bonds. The agreement will help the countries in the reduction of import and export duties, quotas, and other trade barriers. It will help the countries exchange materials easily without additional charges. The price of imports will become cheaper and will help both countries grow together.
Several countries engage in such trade. The best thing is that the country will be expanding the production related to other materials like Zinc, Lead, Gold, Copper, and Silver. The exports are the best way to increase the country’s economic condition. We hope you get enough details about the India and Peru collaboration and its benefits above. Stay tuned for more information on our website.