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Union Cabinet approves Trade Agreement negotiations with Peru

Jan 19, 2017 16:00 IST

The Union Cabinet on 18 January 2017 approved the Trade Agreement with Peru for trade in goods, services and investment.

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For this purpose, a Joint Study Group (JSG) between India and Peru was constituted in order to explore all the possibilities for entering into trade agreement with Peru in January 2015.

Both the sides submitted the Joint Study Group Report on 20 October 2016 and agreed to carry forward the purposeful discussions on trade in goods, trade in services and investment.

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.

India-Peru Relations

• Peru stood at 3rd position amongst all the export destinations for India in the Latin America and Caribbean (LAC) Region during the year 2015-16.
• India and Peru have friendly relations. Since 1987, there has been an increasing economic cooperation between both sides after the visit of President Alan Garcia as the Chief Guest for Republic Day of India.
• Following this, then Indian President K.R. Narayanan visited Peru in April 1998. It was the first ever Presidential level visit from India to Peru.
• India's bilateral trade with Peru was US$ 107.32 million during 2005-06 and this grew up to 1319.45% during 2015-16.
• During 2015-16, bilateral trade between both sides stood at US$ 1523.35 million with exports at US$ 703.12 million and imports at US$ 820.22 million.
• The Peruvian Community in India is quite small with around two hundred people only. The majority of them lives in the Delhi NCR and in other Indian states like Haryana, Maharashtra, Uttar Pradesh, Karnataka and Rajasthan.
• On the other side, Indian Community in Peru is also quite small. Only around 50-60 families are engaged in business, trade and other professions in Peru. India origin organisations like Hare Krishna, Sai Baba and Brahma Kumaris are also present in Peru.

 

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