India steps up trade talks with Peru and Chile, deepens ties in Latin America

India has strengthened its economic engagement with Latin America by successfully concluding two important rounds of trade negotiations with Peru and Chile. These discussions aim to expand market access, foster investment cooperation, and build more resilient supply chains between India and the region.

India’s trade with Latin America and the Caribbean stood at around US $35.7 billion in 2023‑24, with exports of approximately US $14.5 billion and imports of about US $21.2 billion. This represents roughly 3.5 percent of India’s total exports, highlighting the region’s growing but still relatively modest share in India’s global trade portfolio. Among key partners, India trades actively with Mexico, Chile, Peru, Brazil, and Argentina. Indian exports include pharmaceuticals, automobiles, textiles, and processed foods, while imports from the region focus on copper, gold, phosphates, lithium, and other critical minerals.

The 9th round of India–Peru Trade Agreement negotiations was held in Lima from 3rd to 5th November. Talks focused on trade in goods and services, rules of origin, technical standards, customs procedures, dispute settlement, and cooperation in critical minerals. India’s delegation was led by Joint Secretary and Chief Negotiator Vimal Anand, supported by Ambassador Vishvas Vidu Sapkal. Peru was represented by Foreign Trade Minister Teresa Stella Mera Gómez and Vice Minister César Augusto Llona Silva. Both sides highlighted the complementary nature of their economies and agreed to hold intersessional meetings before the next negotiation round in New Delhi in January 2026.

Earlier, the 3rd round of India–Chile Comprehensive Economic Partnership Agreement (CEPA) negotiations took place in Santiago from 27th to 30th October. Discussions covered goods and services trade, investment promotion, intellectual property rights, technical and sanitary measures, economic cooperation, and critical minerals. Both India and Chile reaffirmed their commitment to concluding the CEPA within a defined timeframe to enhance market access, strengthen supply chains, and deepen economic integration.

These negotiations reflect India’s strategic intent to diversify export markets and secure access to critical inputs such as copper, lithium, and rare earths, which are essential for industrial growth and emerging technologies. While Latin America’s current share in India’s trade remains modest, these agreements aim to overcome structural barriers such as tariffs, logistics, and narrow product coverage, paving the way for long-term, mutually beneficial economic partnerships.