The negotiations were attended by Peru's Minister of Foreign Trade and Tourism Teresa Stella Mera Gómez and Vice Minister of Foreign Trade César Augusto Llona Silva, while the Indian side was represented by the Chief Negotiator, Joint Secretary Vimal Anand and the Ambassador of India to Peru Vishvas Vidu Sapkal. Both sides agreed to hold intersessional meetings to address pending issues, while the next round of negotiations is proposed to be held in New Delhi in January 2026.
The Commerce Ministry further said that the 3rd Round of Comprehensive Economic Partnership Agreement (CEPA) negotiations between India and Chile were held in Santiago from 27th to 30th October. Discussions included Trade in Goods and Services, Investment Promotion, Rules of Origin, Intellectual Property Rights, TBT/ SPS measures, Economic Cooperation and Critical Minerals.
In September, government sources had told CNBC-TV18 that India's potential Free Trade Agreements (FTAs) with Chile and Peru may include a separate chapter on critical minerals for the 1st time. India imports Gold from Peru, and Lithium, Copper, and Molybdenum from Chile, and is aiming to seek preferential rights in exploration as well as assured and enduring rates for these metals and minerals to secure supply chains for the future.
While Indian companies are already eligible to participate in mineral auctions for Copper mines in Chile, government sources pointed out that India's current per capita consumption of Copper is less than half that of developed countries and will grow substantially as the country develops further. While India is trying to secure its future supply chains, Peru and Chile are trying to diversify their trade destinations to prevent a single or a few countries from stockpiling their mineral deposits to control market prices in future. Sources explained that despite the sale of Copper ore at the rates of refined Copper, China is paying a premium by absorbing the costs of extraction and refining, which may allow monopolisation of trade in the commodity in future.
With an increase in geopolitical uncertainty due to ongoing conflicts and economic slowdown in many developed countries, India is looking to secure supply chains for critical minerals and petroleum products with potential trade deals with several Latin American countries. In December 2024, government sources had told CNBC TV18 that India is aiming to get duty concessions for exports of engineering goods and other items to Latin American countries, as it aims to benefit from lessened distance for freight due to China's new port on Peru's Pacific coast. While Peru had indicated plans last year to conclude a trade pact with India in 2025, India and Chile held the first round of negotiations in May 2025 to expand an existing Preferential Trade Agreement (PTA) to an FTA.
