India-Nepal

WEB DESK

India and Nepal have agreed to review their bilateral trade treaty. The decision was taken at a meeting of India-Nepal Inter-Government Committee (IGC) on Trade, Transit and Cooperation to Control Unauthorised Trade, held in Kathmandu last week. Both countries agreed to initiate a comprehensive review of the treaty by July this year. The treaty was last revised in 2009.

The two sides also discussed amendments to the bilateral Treaty of Transit signed in 1999 to further facilitate movement of Nepal’s trade with third countries. Since most of the bilateral trade takes place through land customs stations across the border between India and Nepal, the two countries also agreed on synchronising development of border trade infrastructure to ensure timely utilization of investment in border infrastructure.

In order to enhance the volume of trade, both sides also emphasised the need for harmonisation of standards and expediting progress on MoUs between the concerned agencies, including BIS and FSSAI, from the Indian side.