Nepal-India Intergovernmental Committee consent to form a Joint Business Forum to simplify issues on trade and transit
KATHMANDU, Dec 7: Nepal and India have agreed to form a Joint Business Forum to facilitate bilateral trade and business between the countries.
Nepal-India Intergovernmental Committee (IGC) meeting, led by the commerce secretaries of both the countries, held on Monday came up with the decision, according to the Ministry of Industry, Commerce and Supplies.
Nepal, India agree to amend transit treaty to facilitate Nepal’...
Narayan Prasad Regmi, spokesperson of the ministry, told Republica that both the countries have agreed to finalize the modality of the proposed panel in the next meeting. “The proposed forum is also expected to help simplify the environment for bilateral trade that will also include the issues related to transit access,” he said.
According to Regmi, Nepal and India focused on reviewing the existing bilateral trade and transit treaty. A bilateral meeting held in Kathmandu in November last year had drafted the transit treaty.
The IGC is the apex bilateral mechanism to promote trade and investments between the two countries. Commerce secretary Baikuntha Aryal led Nepali team while Anup Wadhawan, commerce secretary of the Government of India, led a 15-member delegation from India.
The Embassy of India in Kathmandu, issuing a press statement, said that the progress has been made in areas of trade and commerce. Discussions on comprehensive reviews of the Treaty of Transit and the Treaty of Trade, amendments to the Rail Services Agreements, measures for investment promotion, constitution of Joint Business Forum, harmonization of standards as well as synchronized development of trade infrastructure were held.
As per the Embassy, two sides also discussed various government-level initiatives to further enhance trade and commercial linkages.
Earlier, the Intergovernmental Sub-Committee, led by the joint-secretaries of two countries, meeting that was held last Thursday and Friday agreed to carry out a study of the new trade routes along with building necessary infrastructure along the checkpoints.
Nepal has been working to trade with third countries through waterways. Similarly, Nepal has asked India to allow using two more sea ports--Dhamra in Orissa and Mundra in Gujarat--for trade with third countries.
