As the governments of India and Peru gear up to start negotiations on a free-trade agreement, Vice-President Hamid Ansari on Monday launched INCHAM, the Indian Chamber of Commerce in Peru. The chamber will help Indian businesses that want to engage in trade and industry with Peru and neighbouring Latin American countries. Although an FTA is still in the conceptual stage, the development is seen as a sign of India’s widening economic engagement with Latin American countries. Efforts are already on to finalise a Bilateral Investment Promotion and Protection Agreement.
Mr. Ansari said INCHAM promised to fill a vacuum in India-Peru commercial and economic relations.
The official website of INCHAM ( www.incham.pe ) was also launched on the occasion in the presence of the Ambassador of India Manpreet Vohra and chamber president Ravi Krishna. INCHAM will provide information services and advisories and act as a bridge between the businesses and the governments of the two countries.
Bilateral trade between the two countries went up sevenfold in the last five years. Last year, the growth was 35 per cent; and in the first six months of this year, trade rose 44 per cent, as Indian companies showed great interest in Peru’s gold mines.
Delegation-level talks are scheduled for later on Monday, and the areas that will be covered include defence cooperation and cultural exchanges.
