India, Peru likely to hold talks on free trade pact

India and Peru will probably hold the next round of talks on a proposed free trade pact next month, a senior Peruvian diplomat told Reuters, adding that a deal could be signed by the end of the year.

"In principle, in June we are going to resume the negotiations," Javier Paulinich, Peru's ambassador to India, said.

Peru, the world's third-largest producer of copper, is also negotiating a chapter on critical minerals with India, Paulinich said.

India's Ministry of Commerce and Industry did not immediately respond to an emailed request for comment.

India's Hindalco Industries was also looking to buy copper from Peru, Paulinich said.

"I think they are trying to negotiate," he said.

Hindalco did not immediately respond to a Reuters email seeking comments.

Peru produced about 2.7 million metric tons of copper in 2024 and attracted $4.96 billion in foreign investment in the sector.

Anticipating a surge in demand and potential supply shortfalls, India, the world's fastest-growing major economy, has urged its mining companies to invest overseas to secure copper supply chains and manage possible disruptions, according to a government policy document published last year.

India, the world's second-biggest importer of refined copper, may have to source 91% to 97% of its copper concentrate requirements from overseas by 2047, according to official estimates.

India's copper imports rose 4% to 1.2 million metric tons in the fiscal year to March 2025. Demand is expected to climb to 3 to 3.3 million tons by 2030 and 8.9 to 9.8 million tons by 2047, the government has said.