Union cabinet recently approves negotiation of trade agreement with peru

India is one of under developing country whose government is taking many steps towards evolution.
You all are familiar with the word union cabinet?

Don't worry if you are not , we will make you all understand what it is and what it deals with..
LET'S START

According to recent news , the union cabinet of India has approved holding negotiation with peru for Trade agreement on tradings services, goods and investment on assets.

What is union cabinet and what it deals with?

The union cabinet or counsil of decisions or federal cabinet undergo executive authority in the republic of India. It contains two type of ministers -

1.  Senior minister called as "cabinet ministers"
2.  Junior ministers called as "ministers of state"

The union council of ministers is led by prime minister and a small executive body is known as "union cabinet" which deals with decision making body in India.

Hopefully , now you all are familiar with the word union cabinet so lets come back to the topic of trade agreement approval with peru.

This trade agreement of goods , services and investment of assets will be an important landmark between India-peru relation respectively. the trade agreement will most probably increase the trade and will also enhance the economic relations between India-peru and also will consolidate the traditional fraternal relations that were existed in past between these two countries.

TRADE AGREEMENT 

Peru is one of the biggest exporters to export goods in India amongst all the country and was ranked on third amongst Latin America and Caribbean region. India always has a good connection with peru.
India's bilateral trade during 2005-06 with peru was recorded at $107.32 million approximately with a growth of 1319.45% .
From 2015-16 the bilateral trade was recorded at $1,524.00 approximately.

Thus , India and Peru both agreed to Bargen and carry on the discussions on trade of goods , services and investment after the recent report on October,2016 of joint study group (JSG).