India and Peru agree to strengthen cooperation in defence, space, and renewable energy

Giving boost to South-South cooperation, India and Peru have agreed to strengthen their cooperation in the areas of trade and investment, health and pharma, traditional medicines, mines and minerals, renewable energy, defence, and space.

The decision to this regard was taken during the second India-Peru Joint Commission Meeting held on Saturday in New Delhi.

“Both sides reviewed their traditionally friendly relations and discussed ways to take forward cooperation in areas of mutual interest including trade & investments, health & pharma, traditional medicines, mines & minerals, energy & renewables, science & technology, agriculture, defence, space, capacity building, education, culture, and people to people exchanges,” the Ministry of External Affairs said in statement.

During the meeting, both sides also discussed regional and multilateral issues of current relevance and took note of cooperation between the two countries in multilateral forums and international organizations, the Ministry said.

Both sides agreed to exchange visits and organize a series of trade, cultural, educational, and other bilateral events as part of the celebrations to commemorate the 60th anniversary of diplomatic relations, the MEA added.

Earlier, Peru complimented India for giving voice to the South in the G20 and inviting President Dina Boluarte to participate in the Voice of Global South Summit, held earlier this year.

The India-Peru Joint Commission Meeting was co-chaired by Saurabh Kumar, Secretary (East) and Ignacio Higueras, Vice Minister of Foreign Affairs of Peru.

Historically, there have been warm and cordial bilateral ties between India and Peru. Since the two nations formally established diplomatic ties, both countries have had the same objective in mind and that is to forge closer connections in several areas of shared interest.

Peru's economy is among the fastest-growing in Latin America, while India's is among the fastest-growing worldwide. So, there is a great opportunity to improve economic and commercial ties between the two nations.

Additionally, both nations have been working together in international forums and multilateral organizations including the G20, WTO, and UN.

India and Peru have also conducted high-level visits in an effort to improve their bilateral ties. These visits have aided in expanding mutual cooperation and identifying potential new areas for cooperation between the two nations.

Trade between India and Peru is growing. The total trade between two countries in the Financial Year 2021-22 was US$3604.93 million, of which India’s exports were worth US$897.55 million and imports from Peru were US$ 1,520.88 million.

In April to September of the Financial Year 2022-23, the trade increased by 7.66% to US $1,904.15 million with India’s exports recording 3.3% growth.

Five Indian companies have currently invested in the mining sector in Peru. It is estimated that their present investment is to the tune of US $30 million.

Tata Consultancy Services has a sizable operation in Lima and is increasing its presence in Peru. Tech Mahindra and Infosys also have a significant presence in Peru.

All major Indian pharmaceutical companies have their representative offices or local subsidiaries here. Indian automobile firms Bajaj Auto, TVS, Hero Motors and Mahindra & Mahindra have local dealerships.