Chennai (Tamil Nadu) [India], July 29 (ANI): The Ambassador of Peru to India, Javier Manuel Paulinich Velarde, expressed his optimism about concluding negotiations related to the Free Trade Agreement (FTA) between India and Peru by the end of 2025, or at the latest by early 2026.

Speaking to ANI on the sidelines of Peru's 204th Independence Day celebration in Chennai on Monday, Ambassador Velarde expressed his excitement over the event while highlighting the investment opportunities in the South American nation.

'I'm very enthusiastic because this is the first time that we celebrate our national day in Chennai. We expect to continue in the near future... This is an opportunity to show about how is Peru, which products we can trade in the future and inform about some activity like the negotiation of a free trade agreement between India and Peru,' he said.

'We would like to finish a free trade agreement negotiation as soon as possible, perhaps at the end of this year or in any case at the beginning of next one... The idea is to reduce customs duties on several products and promote investment from India to Peru and from Peru to India,' he added.

The Ambassador highlighted recent diplomatic efforts between India and Peru, noting a visit by Peru's Foreign Ministry to India in March and an invitation extended to External Affairs Minister Jaishankar to visit Lima later this year.

'We have a good relationship. In March this year, the Foreign Ministry of Peru came to India. We invite Mr Jaishankar to Lima; I think he's planning to go at the end of the year,' he stated.

The event was hosted by the Honorary Consul of Peru in Chennai R Dinesh and the Chairman of TVS Supply Chain Solutions, and underscored the growing economic and cultural ties between the two nations.

Dinesh emphasised the potential synergies between India and Peru, noting the rich mineral resources available in Peru and the various benefits that the South American country can derive from India's vast manufacturing sector.

'Considering the rich mineral resources available in Peru and the various benefits that the manufacturing sector, which is a strong presence in Tamil Nadu, has, we are very happy that the government is also supporting this endeavour to make sure we have further expansion of the opportunities,' he stated.

'The Indian government is actually negotiating a free trade agreement, as you have heard the Commerce Minister mention. That's something from the industry we are very much looking forward to, and from South America. Peru is one of the very stable economies and therefore has both sourcing of earth and other minerals, and also other opportunities that we see for trade. So the Indian government is looking at this in a very positive manner, and we are very delighted with that,' Dinesh added.

Tamil Nadu IT Minister Palanivel Thiagarajan also attended the event as the Chief Guest. The celebration also included a special session titled 'India-Peru: Business and Beyond,' which explored economic cooperation, investment opportunities, and cultural exchange.

'We are celebrating the 204th Independence Day of Peru, but I think the idea was to actually introduce the opportunities and cultural integration between Tamil Nadu and Peru. We had the opportunity to hear the Ambassador and various others who have been invested in Peru speak about what they see as the benefits and the value of working in Peru,' Dinesh further noted.

Dignitaries from the diplomatic, business, and cultural spheres also attended the event, reflecting the strengthening of the bilateral relationship between India and Peru. (ANI)