The Indian government approved this morning the start of negotiations of a free trade agreement with Peru, aimed at promoting exchanges, according to international newswires.
The Indian Office of Public Information stated through its Twitter account that the Cabinet had approved negotiating a trade agreement in goods, services and investment with Peru.
Four years ago, the two countries began discussions to establish a trade agreement.
Initially, India wanted a partial agreement. However, in October 2013 the Indian government reformulated this approach so that the agreement could cover all goods and services in the commercial spectrum.
In 2014 both nations began the feasibility study phase of the agreement. The last round of this phase was held in September 2016 in Lima.
Trade with India stood at nearly 1,600 million dollars, with imports worth about 35 million dollars and exports worth 78 million in 2015, according to the Ministry of Foreign Trade and Tourism.
Among other items, Peru sells agricultural and agro-industrial products to India.
