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BUSINESS

PERU - INDIA BILATERAL COMMERCE

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TIPS TO TRADE SUCCESSFULLY IN INDIA

  • The process of importing and/or exporting must start with the investigation of the product and the specific market to which you want to access. This means knowing about import permits, prohibitions, restrictions, customs and sanitary regulations, the transit time of the cargo between India and Peru, the costs and required documentation in order not to make mistakes and waste money and time.
     

  • It is recommended to hire a service company in India to assist you in the identification of reliable counterparts, to inform you with precision the regulations and procedures to comply with, to assist you in the negotiation process for its successful conclusion and in the hiring of international freight forwarder product quality certifying companies, as appropriate.
     

  • In the negotiation it is important to know the Indian idiosyncrasy.  Most business in India is family oriented. Negotiations are usually quite slow and calm. Indians are very relaxed people and are never in a hurry for anything. They take things with a certain calmness that we are not used to in other countries.
     

  • It should be noted that all negotiations are conducted in English and that bargaining is omnipresent in commercial activity. It is very important for business to work to establish a good personal relationship with the people involved in the negotiation process. 
     

  • It is recommended that all transactions should be banked through letters of credit to avoid fraud and to know the appropriate INCOTERM of the transaction. 
     

  • It should be kept in mind that tardiness and delays are common both in private business and in the resolution of formalities (there is a lot of bureaucracy, in some cases excessive). You should be patient if you want to negotiate in India, as the process is slow. It is not good to give yourself too rigorous deadlines and always keep in mind that the results in business with India are obtained in the long term.

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India is the seventh largest country in the world and the second most populated, with more than 1.3 billion inhabitants, a very attractive market of potential consumers for exports and foreign investment.The Indian economy currently has one of the highest growth rates in the world, which has made it the sixth largest economy in the world, despite its great economic inequalities, a circumstance that does not prevent this country from having a high number of qualified personnel in technological areas, such as information and communication technologies or biotechnology.

IBEF:  https://www.ibef.org/exports.aspx

FICCI:  http://ficci.in/index.asp

IIC:  https://www.cii.in/

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