Country: Peru

Peru and India to begin with Free Trade Agreement (FTA) talks in the second half of the year which is expecting relations between Peruvian and Indian businesses to grow. Peruvian trade with India could reach the billions with Free trade and business developments. At ‘India’s Handicraft Exhibition and Business Roundtable’ the businesses, 20 Indian and 108 Peruvian, successfully made 372 business appointments. The event exposed products ranging from textiles, accessories, etc. from the partnering countries. Prior to agreements on reaching the FTA, in 2013 the total trade has surpassed US $ 1.2 billion.

According to El Comercio, one of the finest luxury fibres in the world, alpaca products created US $ 72.6 million revenue this year (till June). Alpaca products witnessed a 31.3 per cent increase in exports, textile products in general have advanced over 35 per cent and clothing, for which alpaca fleece is commonly used, saw an approximate 15 per cent increase. Magali Silva, Minister of Foreign Commerce and Trade (Mincetur) informed that 80 per cent of the world´s alpaca fleece derives from Peru, the fibre proves to be a great export for the nation’s economy.