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India, Peru FTA could boost textile exports

India and Peru are aiming to sign a free trade agreement (FTA). A FTA with Peru would boost Indian exports. It would reduce or eliminate duties on most of the goods traded between them besides relaxing norms and rules to promote trade in services and increase bilateral investments.

Amid uncertainties in its traditional markets, including the US and Europe, India has been looking to enhance its engagements with countries in Africa, South America and Central Asia. Peru is the third largest market for Indian goods in the Latin America and Caribbean region. Trade between the two is worth $1.77 billion. India’s top exports to Peru include: motor vehicles, cars, iron and steel products, cotton yarn and fabrics. In imports bulk commodities include minerals and ores, gold, fertilizer and zinc.

Major textile items exported to Peru are: cotton yarn, polyester DTY, poly/cotton yarn and PSF, among primary products, and plain fabric, denim, and suiting among woven fabrics. Textiles exports to Peru are worth $13 million a month accounting for 1.85 per cent of India’s total exports of basic textiles, including $9 million worth of spun yarns, two million dollars worth of filament yarns, 1.2 million dollars of woven fabrics and $0.5 million of manmade fiber.