INDIA, NEPAL TO STRENGTHEN ECONOMIC TIES
Date : 21 Oct 2008
Location : New Delhi
India-Nepal Inter Governmental Committee on Trade, Transit and Cooperation to Control Unauthorized Trade, met here on 19-20 October, 2008. Shri G.K. Pillai, Commerce Secretary, and Mr. Purushottam Ojha, Secretary, Ministry of Commerce & Supplies, Government of Nepal, led the respective delegations. The two sides have agreed to work towards further strengthening of economic ties between the two countries and to help generate employment opportunities and enhance industrialization in Nepal. Reiterating India’s commitment to continue to provide preferential access to Nepalese goods and products to the Indian market, Shri Pillai urged Nepal to work towards creating an investor-friendly and enabling business environment with a view to attract Indian investments. Towards this end, both sides agreed to conclude Bilateral Investment Promotion and Protection Agreement, Motor Vehicles Agreement and revised Double Taxation Avoidance Agreement at an early date.
India also agreed to support a project for technical capacity building of Nepalese labs so that they can conform to Indian standards and certification requirements, in respect to major products of their export interest. India also agreed to exempt Nepal from export restrictions up to 10000 Ton of wheat and 15000 Ton of non-basmati rice. Both sides made considerable progress on the modification and revision of the India-Nepal Treaty of Trade so as to make it a more effective instrument of bilateral trade between the two countries. The two sides will again meet at Joint Secretary level within three months to finalize the modifications. The meeting took place as a follow up to the decision taken during the visit of the Prime Minister of Nepal to India in September, 2008.
The visiting Nepalese Secretary for Commerce & Supplies also called on the Minister of State for Commerce and Power Shri Jairam Ramesh.