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.