AMN / WEB DESK
The India-Nepal Inter-Governmental Sub-Committee (IGSC) on Trade, Transit, and Cooperation to Combat Unauthorised Trade convened its latest session in Kathmandu on January 12-13, 2024. Vipul Bansal, Joint Secretary, Ministry of Commerce, Government of India, led the Indian delegation, which included senior officials from various ministries and the Embassy of India in Kathmandu.
The Nepali side was headed by Mr. Ram Chandra Tiwari, Joint Secretary, Ministry of Industry, Commerce and Supplies, Government of Nepal, accompanied by key representatives from different Nepali Ministries and Departments.
The meeting of the IGSC, a bilateral mechanism aimed at bolstering trade and investment ties, witnessed comprehensive discussions on a range of significant issues. Both sides discussed mutual market access for pharmaceuticals and Ayurvedic products. Indian side highlighted the need for IPR regime in accordance with the provisions of the Paris Convention for encouraging FDI. The agenda also covered discussions on review of the Treaty of Transit and the Treaty of Trade, proposed amendments to existing agreements, strategies for enhancing investment, the harmonization of standards and the synchronized development of trade infrastructure.
One of the highlights of this meeting was the focus on bilateral initiatives aimed at further strengthening the seamless cross-border connectivity between India and Nepal including through construction of new Integrated Check Posts and railway links.
Both sides expressed a commitment to implementing these initiatives, reflecting the shared vision of prosperous bilateral trade. India continues to be the principal trade and investment partner for Nepal, significantly contributing to Nepali imports and exports. The discussions in this meeting are expected to further fortify the economic and commercial linkages between the two countries.