KATHMANDU – A meeting of the India-Nepal Inter Governmental Committee on Trade and Transit has reviewed the progress made on trade and commerce issues between two countries.
The meeting co-chaired by Indian Commerce Secretary Anup Wadhawan and Nepal’s Secretary of Commerce and Supplies Baikuntha Aryal was held today through video conferencing.
According to a press release issued by the Indian Embassy in Kathmandu after the meeting, the two sides also discussed in detail various government-level initiatives that need to be taken in future for further enhancing trade and commercial linkages.
The committee is the apex bilateral mechanism to review and set a way forward for further enhancing bilateral trade and economic ties. These include discussions on comprehensive reviews of the Treaty of Transit and the Treaty of Trade, amendments to the Rail Services Agreements, measures taken for investment promotion, constitution of Joint Business Forum, harmonization of standards as well as synchronized development of trade infrastructure on the two sides.
India is the largest trade and investment partner of Nepal both in terms of Nepali imports and Nepali exports.
“The wide-ranging discussions today and the progress made in the meeting are expected to further support the expansion in economic and commercial ties between India and Nepal,” read the statement.
The intergovernmental committee meeting on trade and transit follows the recent visit of Indian Foreign Secretary Harsh Vardhan Shringla to Nepal last month.The visit is said to have provided an impetus to the bilateral talks between two countries that have halted for months after Nepal in May issued its revised map including Lipulekh, Kalapani and Limpiyadhura that India also claims as its territories.