India is facing challenges in its free trade agreement (FTA) negotiations with Peru due to duty concessions on gold, which accounts for 80% of its imports from the South American nation, according to a report by the Global Trade Research Initiative (GTRI). The report highlighted that 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. India and Peru are currently in negotiations for a free trade agreement to promote bilateral trade and investments between the two countries.