Sitharaman discusses trade with Germany, Peru, including of critical minerals
This story was originally published at 08:51 IST on 1 July 2025
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NEW DELHI – Finance Minister Nirmala Sitharaman held discussions with leaders from Peru, Germany, and New Zealand to boost bilateral trade and increase strategic investments, the finance ministry said in a series of posts on X, formerly Twitter.
Sitharaman is currently on an official tour to Spain, Portugal, and Brazil, where she will participate in multiple meetings of global financial leaders organised by the United Nations, the New Development Bank, and BRICS. The meetings with leaders from Peru, Germany and New Zealand were held on the sidelines of the fourth International Conference on Financing for Development event.
In her meeting with Peru's Foreign Minister Elmer Schialer Salcedo, the two ministers discussed deepening strategic partnerships across financial technology, trade, investment, mining and defence. Sitharaman shared India's interest in diversifying exports to Peru, especially of automobiles, pharmaceuticals, textiles, engineering goods, and information technology services, according to the ministry. On imports, the finance minister said India could seek critical minerals like copper and lithium from Peru; these are key elements for energy transition goals and industrial growth.
The finance minister's intent to import critical metals from Peru comes at a time when China has imposed restrictions on rare earth element exports, which according to the ministry, was "concerning" amid the recent trade and tariff developments. China's suspension of exports has caused a severe shortage of the minerals and hindered production at many automobile facilities around the world.
They also spoke about potential collaboration in infrastructure projects, particularly in the railways, the ministry said. Salcedo said he looked forward to India's participation in international bids for three rail links being developed in Peru. India and Peru are currently negotiating a free trade agreement, although the negotiations have faced several snags.
In Sitharaman's meeting with Germany's Federal Minister for Economic Cooperation and Development Reem Alabali-Radovan, they discussed various mutual areas of collaboration under the India-Germany Green and Sustainable Development Partnership, including green and renewable energy, urban mobility and sustainable urban development, and sustainable livelihoods through ecology.
With New Zealand's Minister of Science, Innovation and Technology, Universities, Statistics and Pacific Peoples Shane Reti, Sitharaman discussed the opportunities available at GIFT-IFSC in terms of banking, bullion exchange, capital markets, funds ecosystem, financial technology, insurers and re-insurers.
Given India's relationship with New Zealand, with many Indian students pursuing higher education in New Zealand, Reti agreed to the need to enhance bilateral ties in the education sector, the finance ministry said. End
Reported by Priyasmita Dutta
Edited by Avishek Dutta
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