India, Peru sign agreement for co-operation and mutual assistance in Customs Matters
Why in news?
- India and the Republic of Peru on December 5, 2018 signed an agreement for co-operation and mutual assistance in customs matters.
- The agreement was signed on the sidelines of the 80th Session of the Policy Commission meeting of the World Customs Organisations (WCO) which was held in Mumbai during December 3-5, 2018.
Agreement- Key Highlights:
- The Agreement provides a legal framework for sharing of information and intelligence between the Customs authorities of the two countries.
- It will help in the proper application of Customs laws, prevention and investigation of Customs offences.
- The Agreement will also help in the availability of relevant information for the prevention and investigation of Customs offences.
- It is expected to facilitate trade and ensure efficient clearance of goods traded between the countries.
- India established diplomatic relations with Peru in March 1963. India-Peru relations have since then been traditionally cordial and friendly.
- India’s bilateral trade with Peru was USD 107.32 million during 2005-06 and this grew up to 1319.45 percent during 2015-16.
- During 2015-16, bilateral trade between both sides stood at USD 1523.35 million with exports at USD 703.12 million and imports at USD 820.22 million.
- The Peruvian Community in India is quite small with around two hundred people only. Majority of them reside in Delhi NCR, 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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