India's Commerce and Industry Minister Piyush Goyal has expressed skepticism regarding the timeline for a proposed free trade agreement (FTA) with Peru, indicating that negotiations are unlikely to reach a conclusion anytime soon. Speaking to reporters in New Delhi during the 17th Toy Biz International B2B Exhibition on July 4, 2026, Goyal highlighted ongoing concerns related to market access for certain products as a significant hurdle.

The negotiations for the India-Peru FTA commenced in 2017, aimed at enhancing economic ties between the two nations. However, Goyal's recent comments shed light on the complexities involved in finalizing the agreement. "There are certain concerns. There are many products where we cannot offer them market access. I do not see Peru FTA happening very soon," he stated, emphasizing the challenges that have persisted over the years.

Market access has been a contentious issue, particularly as both countries evaluate the implications of tariff reductions and increased competition in various sectors. The Indian government remains cautious about protecting its domestic industries while navigating the intricacies of international trade agreements.

In addition to the Peru FTA, Minister Goyal discussed the status of negotiations with Canada, indicating that a dedicated team of Indian officials is actively working on that front. However, he refrained from specifying any timelines for the Canadian agreement, reflecting a broader trend of cautious optimism regarding international trade negotiations.

The India-Peru FTA discussions are part of India's larger strategy to strengthen trade relations with nations across Latin America. Despite the setbacks in negotiations, Goyal remains committed to exploring avenues that could potentially enhance bilateral trade, should the hurdles be addressed adequately.

While the outlook for the India-Peru FTA remains uncertain, stakeholders from both countries are likely to continue engaging in dialogue. The complexities of international trade agreements underscore the need for thorough discussions and mutual understanding to facilitate progress.