India-Peru to enhance economic cooperation: Anand Sharma

NEW DELHI - Commerce and Industry Minister Anand Sharma on Monday said that India and Peru should actively work together for enhancing economic cooperation.

During his bilateral meeting with Peru’s Trade and Tourism Minister Eduardo Ferreyros, Sharma said that both the countries should actively work together for enhancing economic cooperation.

“The most important sectors that can be tapped are minerals, hydrocarbons, engineering, IT, science and technology,” he added.

Sharma further mentioned that realizing the importance of the Latin America and Caribbean, Indian Government had initiated a programme called “FOCUS: LAC” which provides a number of incentives and financial assistance for supporting and encouraging Indian exporters / companies to boost our trade to the Latin America and Caribbean (LAC) region in which Peru is a major partner.

Sharma also said that Peru is currently India’s eight largest trading partners in the Latin America.

“The total bilateral trade between the two countries in 2009-10 was approx 411 million dollars. India’s exports to Peru were 274.28 million dollars and imports from Peru were 136.62 million dollars.

Sharma informed that although India’s trade with Peru is on the lower side, the total trade has increased by approximately 283 per cent from 107.32 million dollars in 2005-06 to 411 million dollars in 2009-10.

India’s exports to Peru mainly comprise of drugs and pharmaceuticals, organic and inorganic chemicals, cosmetics and toiletries, rubber products, bicycles, motorcycles, transport equipment, textiles including ready-made garments and jute manufactures.

India’s main items of imports from Peru are refined copper wires and minerals, zinc concentrates and manufactures, fish meal, tanning material, wood and wood products. (ANI)