Union Cabinet approves Trade agreement with Peru
Union
cabinet approved holding negotiations for Trade Agreement
with South American nation Peru on trade in goods, services and investment.
The union Cabinet is chaired
by Prime Minister Narendra Modi has given approval for negotiation.
In
January 2015 the Joint Study Group (JSG) was constituted to explore the
possibility for entering into a Trade agreement between India and Peru. Both
India and Peru concluded the study on October 20 2015 and agreed to carry
forward the discussion on trade in goods, services and investment.
Peru
Ranked 3rd amongst Latin America and Caribbean region for export
destination of India during 2016-2016. The bilateral trade increased from
$107.32 M to $1.52 B in 2015-16.
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