Full Breakdown
India Accelerates Free-Trade Talks with Peru, Canada and the EFTA Bloc in 2026
5/11/2026, 10:35:07 PM
Core Negotiations in 2026
India is advancing three trade fronts. Peru’s ambassador Javier Paulinich said free-trade talks will restart in June, aiming for a year-end signing. New Delhi finished the second round of the India-Canada Comprehensive Economic Partnership Agreement (CEPA) on May 4-8 and set the next round for July in Ottawa. Commerce Secretary Rajesh Agrawal met Swiss officials on May 6-7 to review the India-EFTA Trade and Economic Partnership Agreement (TEPA) and expand business links.
Trade Context and Drivers
India’s fast-growing economy projects copper demand of 3-3.3 million tons by 2030 and up to 9.8 million tons by 2047. Peru, the world’s third-largest copper producer, supplied 2.7 million tons in 2024 and attracted $4.96 billion of foreign investment. Securing overseas copper follows a policy urging Indian miners to invest abroad. India also seeks market access through Canada and the EFTA bloc to diversify exports and draw high-technology investment.
Data Snapshot
- Peru copper output (2024): 2.7 million tons; India copper imports (FY 2025): 1.2 million tons, up 4 %; projected demand: 3-3.3 million tons by 2030 and 8.9-9.8 million tons by 2047.
- India-Canada trade FY 25: $8.66 billion (exports $4.22 bn, imports $4.44 bn).
- TEPA market access: 92.2 % of tariff lines, covering 99.6 % of Indian exports.
- Swiss services exports to India (2024): $6.884 billion, surplus $4.255 billion; Swiss investment FY 25-26: $2 billion.
Significance
Securing Peruvian copper addresses projected shortfalls and supports industry. Canada’s CEPA targets $50 billion trade by 2030, leveraging sectors like pharmaceuticals and minerals. TEPA’s tariff cuts open European markets for Indian agriculture and manufacturing and invite Swiss investment in clean energy and precision engineering.
Official Statements & Responses
India’s Ministry of Commerce described the Canada talks as “constructive and productive” and reaffirmed a “balanced, ambitious and mutually beneficial” approach. Peru’s ambassador highlighted the inclusion of a critical-minerals chapter in the India-Peru talks. Swiss officials emphasized early resolution of non-tariff barriers to fully exploit TEPA’s market-access gains.
Criticism & Opposition
No dissenting viewpoints were reported in the source material.
Conflicting Reports & Gaps
India’s Ministry of Commerce did not comment on the Peru negotiations, and Hindalco Industries declined to comment on its copper-sourcing plans.
Verbatim Quotes
- “In principle, in June we are going to resume the negotiations,” — Javier Paulinich, Peru’s ambassador to India
- “improved market access on 92.2 per cent of its tariff lines, covering 99.6 per cent of India's exports,” — Ministry of Commerce & Industry release
- “Gallen Symposium through a video message, Commerce and Industry Minister Piyush Goyal noted that within 200 days of TEPA’s rollout, Indian products have gained entry into Swiss markets, services trade has picked up, and investment interest has strengthened.” — Piyush Goyal
Outlook
India aims to sign the Peru pact by year-end, hold the next CEPA round in Ottawa in July, and deepen TEPA-driven collaborations in pharmaceuticals, clean energy and precision engineering.
