India’s Commerce and Industry Minister Piyush Goyal stated that the proposed India-Peru Free Trade Agreement (FTA) is not expected to be finalised anytime soon, citing unresolved concerns over market access. Speaking to reporters on the sidelines of the 17th Toy Biz International B2B Exhibition, Goyal said: “There are certain concerns. There are many products where we cannot offer them market access. I do not see Peru FTA happening very soon.”
Status of India-Peru FTA Negotiations
Negotiations for the India-Peru FTA were launched in 2017, according to the Economic Times. Despite nearly nine years of talks, a breakthrough remains elusive. Goyal’s remarks indicate that market access – particularly for Indian products – is a major sticking point. The minister did not elaborate on specific products or sectors, but the comment suggests that India is unwilling to grant Peru preferential access across a broad range of items. The FTA was expected to boost bilateral trade, but no new timeline has been set for its completion.
“There are certain concerns. There are many products where we cannot offer them market access. I do not see Peru FTA happening very soon.” — Piyush Goyal, as reported by the Economic Times
Broader Trade Negotiations: Canada and EU
Alongside the India-Peru update, Goyal provided information on two other major trade initiatives. On the India-Canada FTA, the minister said a team of Indian officials will be visiting Canada for the next round of negotiations. No date was specified, but the visit signals ongoing engagement despite earlier political tensions. Currently, India and Canada have an Early Progress Trade Agreement under discussion, but an FTA remains pending.
On the India-EU Trade and Technology Council (TTC), Goyal noted that External Affairs Minister S. Jaishankar and Union Minister Ashwini Vaishnaw (Railways, Information & Broadcasting, Electronics & IT) are travelling to Brussels for the TTC meeting. The TTC is intended to supplement the ongoing India-EU FTA negotiations, which have been finalised. “Our effort is that it becomes a supplement to the FTA which we have finalized and will help us to smoothen the edges and make it easier to implement the FTA going forward,” Goyal said.
| FTA / Agreement | Status | Key Date | Remarks |
|---|---|---|---|
| India-Peru FTA | Not happening soon; negotiations ongoing | Launched 2017 | Market access concerns cited by Minister Goyal |
| India-Canada FTA | Next round of negotiations; Indian team to visit Canada | No date given | Ongoing discussions |
| India-EU FTA | Finalised; TTC supplements implementation | TTC meeting in Brussels | Jaishankar and Vaishnaw attending |
Related Developments
In a separate item accompanying the report, the Economic Times noted that the India-Israel Bilateral Investment Pact came into force. While not directly related to the Peru FTA, the development highlights India’s active bilateral trade agenda with multiple partners.
The 17th Toy Biz International B2B Exhibition, where Goyal made his remarks, is a platform for the toy industry. The choice of venue underscores the government’s focus on promoting domestic manufacturing, but also provided a backdrop for trade policy announcements.
For importers and exporters monitoring India’s FTA landscape, the Peru update signals a prolonged wait. The lack of progress reflects deeper structural issues in negotiating reciprocal market access with resource-rich Latin American economies. Meanwhile, the Canada and EU tracks remain active, offering alternative avenues for expanded trade.
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