India and Peru have signed four bilateral agreements, including one on defence cooperation and another for the establishment of a Joint Commission.
The other two greements were on exchange programmes in the field of education and another letter of intent for cooperation in the field of culture.
These agreements were signed on Monday at the end of Indian Vice President Mohammad Hamid Ansari's three-day visit to the Latin America country.
Ansari also launched Indian Chamber of Commerce (INCHAM), in Peru. The chamber will help Indian businesses that want to engage in trade and industry with Peru and neighbouring Latin American countries.
The official website of INCHAM was also launched.
In a joint statement, the two countries underlined that a Free Trade agreement between them will have a "positive impact" on increasing prosperity and wellbeing of the people of two countries.
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During his visit, Ansari also inaugurated the Cultural Festival of India in Lima on Sunday (October 27) to commemorate the 50th anniversary of diplomatic relations between New Delhi and Lima.
Traditional Indian Dance forms like Bharatnatyam, Kathak, Odissi, Manipuri, Kathakali and Chhau were performed at the festival.
The state visit of Indian Vice President is of great significance as Peru is the sixth largest economy in Latin America and the fastest growing in the region.
India is looking forward to improve trade ties with Lima as the country has rich deposits of minerals and hydrocarbons.
Bilateral trade between India and Peru in 2012 was USD 1.68 billion.
India-Peru relations have traditionally been cordial and friendly and Lima is also a member of NAM (Non-Aligned Movement), a group of states which are not formally aligned with or against any major power bloc and G77 (a group to promote its members; collective economic interests and create an enhanced joint negotiating capacity in the United Nations).
