India Peru FTA talks may take longer as market access concerns persist, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal said talks on a proposed India-Peru free trade agreement were not close. Goyal pointed to unresolved issues on opening markets for some goods. Goyal spoke while addressing reporters on the margins of the 17th Toy Biz International B2B Exhibition.

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Goyal said New Delhi still had limits on what it could offer Peru. "There are certain concerns. There are many products where we cannot offer them market access. I do not see Peru FTA happening very soon,\" Goyal told reporters.

India-Peru FTA talks face market access concerns

Negotiations for the India-Peru FTA began in 2017. Bilateral trade rose 67.5 per cent to USD 10 billion in 2025-26. India exported USD 1.4 billion and imported USD 8.87 billion. India recorded a trade deficit of USD 7.47 billion during the same fiscal year.

India’s exports to Peru include motor vehicles or cars, cotton yarn and pharmaceuticals. Imports from Peru include gold, copper ores and concentrates. Experts said duty concessions on gold could be the toughest point. Gold forms about 90 per cent of India’s imports from Peru.

In 2025-26, India’s gold imports from Peru rose 78.45 per cent. The value increased to USD 7.9 billion from USD 4.43 billion in 2024-25. These figures highlight why gold duties remain sensitive in the proposed trade deal. The import basket is far larger than India’s current exports.

India-Canada trade pact talks continue, with target for more trade

Goyal said India planned to move faster with Canada on a trade agreement. \"The Canada FTA is progressing well... our team is going on Monday for next round of negotiations. We are trying that we should conclude it in the next six months or so,\" Goyal said.

The two sides finished the second round of talks for the Comprehensive Economic Partnership Agreement on May 8. Both countries have set a goal of reaching USD 50 billion in trade by 2030. Bilateral trade stood at USD 7.95 billion in 2025-26. This was down 8.22 per cent from USD 8.7 billion in 2024-25.

In 2025-26, India’s exports to Canada were USD 4.67 billion, while imports were USD 3.28 billion. Canada’s market was estimated at 41.65 million people in 2025. The economy was valued at USD 2.34 trillion at purchasing power parity. These metrics were cited as part of the opportunity.

India exports pharmaceuticals, iron and steel, seafood, cotton garments, electronic goods and chemicals to Canada. Imports include pulses, pearls and semi-precious stones, coal, fertiliser, paper and petroleum crude. India also sells services such as telecommunications services. It also exports computer and information services and other business services.

Canada hosts over 4,25,000 Indian students and a large Indian community. Brij Mohan Mishra, Joint Secretary in the Department of Commerce, is India’s chief negotiator. Bruce Christie is Canada’s chief negotiator. Officials see the talks as part of wider efforts to lift commerce and investment links.

India-Israel FTA negotiations slow amid West Asia crisis

Goyal said the India-Israel FTA talks were moving slowly due to the conflict in West Asia. \"Israel, as you are aware, is currently having the West Asia crisis. Even then, our negotiations, our discussions are going on, albeit a little slow. Let us hope that we can fast-track it after the peace process is over,\" he said.

India and Israel began the first round of FTA negotiations on February 24, an official had said. The stated aim was to raise commercial ties and support investment flows. Goyal’s comments suggested the track remained open despite delays. The timing, however, depended on the regional situation stabilising.

India-EU TTC meeting in Brussels to support India-EU FTA rollout

Goyal said the next India-EU Trade and Technology Council meeting was set for July 13 in Brussels. External Affairs Minister S Jaishankar and Ashwini Vaishnaw will travel with Goyal. Vaishnaw holds the Railways, Information and Broadcasting, and Electronics and IT portfolios. The ministers co-chair the TTC on India’s side.

Goyal said the TTC was meant to support the India-EU trade pact. \"Our effort is that it becomes a supplement to the FTA which we have finalised and will help us to smoothen the edges and make it easier to implement the FTA going forward,\" he said. India and the 27-nation EU have announced the end of negotiations.

Both sides are completing legal scrubbing of the pact text. The agreement may be signed by the end of this year. Implementation may follow in 2027. The second TTC meeting took place on February 28, 2025. The first TTC meeting was held in Brussels on May 16, 2023.

A stock-taking session was held online on November 24, 2023. It reviewed the progress of three working groups. These covered Strategic Technologies, Digital Governance, and Digital Connectivity. The other two were Clean and Green Technologies, and Trade, Investment and Resilient Value Chains. The process aimed to track deliverables across the pillars.

Prime Minister Narendra Modi and European Commission President Ursula von der Leyen set up the TTC in April 2022. It was designed as a platform linking trade and trusted technology with security concerns. Officials said it reflected growing links between trade and technology. They also cited the need to cooperate on security challenges tied to these areas.

With inputs from PTI