Affair of Gold Gets Intense: Peru and India.
D. Nikhil
(Editor DERIK TIMES)
World’s sixth largest producer of gold and a mineral rich country: Peru is eyeing on the world’s largest gold importer by weighing upon the FTA (Free Trade Agreement). Currently India is importing only 0.6% of its total gold import from Peru which increased slightly more than previous year. Peru got three Indian investors who are investing in their gold mines. The custom duties on gold have also come down and this contract is right before the festive season on India- that explains. Peru entered Indian gold market late but this proved to be beneficial for Peru .
Though the trade relationships are young and new, the rapid growth is a result of the concept of direct selling. This agreement is believed to last for a longer period. Whereas, global miners stress on entering into long term contract with financially strong and internationally accredited refiners.
Key People: Javier Paulinich-Peru Ambassador to India.
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