India’s economic engagement with Latin America is witnessing a significant upswing, with Peru emerging as a key partner in the region. During a high-level session on strategic integration between India and the Pacific Alliance, Vimal Anand, Joint Secretary at the Department of Commerce, highlighted the progress made in the India-Peru trade negotiations. Seven formal rounds of discussions have already taken place, and the eighth round is expected shortly.

Anand noted that many previous barriers to bilateral trade talks have now been lifted, signaling a more open and optimistic phase in the relationship. These negotiations are a part of India’s broader push to enhance economic cooperation with Latin America, aiming for diversified trade routes and improved connectivity—including planned direct flights to Madrid that would reduce travel time and bolster logistics.

Key sectors identified for growth include mining, renewable energy, artificial intelligence, e-commerce, and infrastructure. Anand emphasized that Latin America’s rapid urbanization and emerging middle class make it an increasingly attractive destination for Indian exports and investment.

To realize this potential, Anand stressed the need for India to develop a nuanced understanding of Latin America's political and economic context. He advocated for stronger institutional memory, regular ministerial dialogues, and a strategic framework for cooperation. He also pointed out the importance of cultural exchange, education, and tourism to enhance people-to-people connectivity—crucial elements in forging deeper and more lasting economic partnerships.