Peru mulls FTA with India to boost export of Gold, other metals
Peru, the world's sixth top gold producer, is planning to sign free trade agreements(FTA) with India in a bid to boost its shipments of gold and other metals and minerals to the South Asian nation. According to industry reports from Peru, the Latin American country's shipments to India is poised to breach $ 270 million this year.
"Currently, only 0.6 per cent of India's total gold imports comes from Peru. Last year, we exported $270 million of gold and this year it will be slightly more," Peru Ambassador to India Javier Paulinich told reporters at 11th International Gold Convention.
“We have proposed to India on a free trade agreement. In return for our minerals and metals, we would avail of your IT and other products such as agricultural produce,” he said. “We are keen to sign the trade pact like the ones India has signed with other countries,” the Peru Ambassador added.
In Peru gold mining to the tune of 5 million ounces takes place every year. Peru is also the second largest producer of silver and the third biggest producer of copper, tin, zinc and lead.
India is the world's second top gold consumer after China. According to World Gold Council(WGC), India imported 825 tonnes of gold in2013, including unofficial imports. Considering the overall demand of about 900 tonnes and the unofficial-channel supply of 200 tonnes, India’s overall gold import this year is estimated at 700 tonnes.
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