Cabinet Approves Trade Pact Talks With Peru
NEW DELHI: The Union Cabinet gave its nod for holding negotiations for a trade agreement with Peru on trade in goods, services and investment.
The decision was the result of a Joint Study Group setup between India and Peru in January last year which agreed for such an agreement.
"Both sides concluded the Joint Study Group Report on October 20, 2016 and agreed to carry forward the discussions on trade in goods, trade in services and investment," the Indian Government said in a statement. Peru was third amongst export destinations for India in the Latin America and Caribbean (LAC) region during 2015-16. India's bilateral trade with Peru was $ 107.32 million in 2005-06 which grew 1319.45% in 2015-16 to $1523.35 million with exports at $703.12 million and imports at $820.22 million.
"The trade agreement would be an important landmark in India-Peru relations and consolidate the traditional fraternal relation that have existed between India and LAC countries. The trade agreement will enhance the trade and economic relations between the two countries," the Government said.