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Peru pitches critical minerals to Indian firms, FTA likely by early 2026
A top diplomat from the Latin American country said on Monday in Chennai that both India and Peru are expected to finalise a comprehensive Free Trade Agreement (FTA) by the end of this year or early 2026. 'Of special relevance to today's world—and to India's strategic ambitions in clean energy and advanced technologies—are Peru's deposits of rare earth minerals, including neodymium, praseodymium, dysprosium, and terbium. Peru welcomes Indian investment, joint exploration initiatives, and technological collaboration in this vital sector,' said Javier Manuel Paulinich Velarde, Ambassador of Peru to India.
Addressing the first official Peruvian National Day celebration in Chennai, he added that these critical minerals are essential for the production of electric vehicles, wind turbines, electronics, and next-generation defence systems. 'By the end of this year or early 2026, we expect to conclude the Free Trade Agreement negotiations, unlocking mutual opportunities in trade, investment, agribusiness, pharmaceuticals, and technology,' Velarde said.
India is now Peru's third-largest trading partner in the Latin American and Caribbean region. The India–Peru economic partnership has seen significant momentum in recent years, with bilateral trade growing from $2.34 billion in 2019–20 to $4.03 billion in 2023–24.
'As Peru emerges as a key source of critical minerals including rare-earth magnets, copper, and lithium, we see great potential for Tamil Nadu-based manufacturing industries to forge mutually beneficial partnerships,' said R. Dinesh, Honorary Consul of Peru in Chennai and Chairman of TVS Supply Chain Solutions. 'I strongly believe that the deep, shared interests between India and Peru can foster meaningful collaborations among entrepreneurs, investors, and institutions—driving outcomes that are both commercially rewarding and culturally enriching,' Dinesh said.
Velarde also invited Indian companies to explore investment opportunities in the port and logistics sector. 'Peru's strategic location on the South Pacific, supported by a modern and expanding maritime infrastructure, positions us as a logistics hub and gateway to Asia—including India. This translates into lower shipping costs, shorter delivery times, and greater opportunities for regional integration. We are also pleased to highlight that new investment opportunities remain open in our port and logistics sectors,' he added.
The ongoing negotiations for a comprehensive Free Trade Agreement (FTA) between the two countries are expected to deepen market access and address both tariff and non-tariff barriers. Once finalised, the FTA is expected to open up new opportunities in goods, services, and investments, particularly in sectors such as healthcare, renewable energy, digital technology, and clean mobility. 'Tamil Nadu is uniquely positioned to engage with Peru—a country rich in resources, business potential, and culture. Key sectors such as mining, automobiles, IT, agriculture, and horticulture present significant opportunities for collaboration,' he added.
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