India and Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. The Global Trade Research Initiative (GTRI) has highlighted the challenge of duty concessions on gold, which accounts for 80% of India's imports from Peru. Gold, a high-value product with low volume, attracts a 10% basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. The next round of talks is expected to start in Lima, Peru.