A senior Peruvian diplomat told Reuters that the next round of negotiations between India and Peru on a planned free trade agreement is likely to take place next month, and that a deal might be finalised by the end of the year.In principle, ‌in June ⁠we are ⁠going to resume the negotiations," Javier Paulinich, Peru's ambassador to India, ​said.
According to Paulinich, Peru, the third-largest producer of copper in the world, is also negotiating a chapter on vital minerals with India.
An email requesting comment was not immediately answered by India's Ministry of Commerce and Industry.
According to Paulinich, Hindalco Industries in India was also seeking to purchase copper from Peru. "I think they are trying to negotiate," he replied.An email from Reuters asking for comments was not immediately answered by Hindalco.
Peru produced ​about 2.7 million metric tons of copper ​in 2024 and attracted $4.96 billion in foreign investment in the sector.According to a government policy paper released last year, India, the world's fastest-growing major economy, has urged its mining businesses to invest abroad to secure copper supply chains and handle potential disruptions in anticipation of an increase in demand and potential shortages in supply.
According to government estimates, India, the world's second-largest importer of refined copper, may need to acquire between 91% and 97% of its copper concentrate needs by 2047.In the fiscal year ending in March 2025, India's imports of copper increased by 4% to 1.2 million metric tonnes. According to the government, demand is predicted to increase to 3 to 3.3 million tonnes by 2030 and 8.9 to 9.8 million tonnes by 2047.