Nepal and India today agreed to revise Railways Service Agreement (RSA) that has been under discussion since long.
During the meeting of the Inter-Governmental Committee (IGC) on Trade, Transit and Cooperation to Control Unauthorised Trade – co-chaired by the commerce secretaries of both the countries held through video conferencing today – they discussed on amendments to the Rail Services Agreements (RSA), according to Ministry of Industry, Commerce and Supplies.
Nepal’s proposal for amendments and endorsement was taken positively by the Indian side, and will soon be finalised, the ministry confirmed. Signed in 2004, the RSA was revised in 2014, and renewed last year. The revision in RSA is expected to help simplify movement of railway cargo for trade with India and third countries.
They, on the occasion, also discussed on comprehensive reviews of the Treaty of Transit and the Treaty of Trade, measures taken for investment promotion, constitution of Joint Business Forum, harmonisation of standards as well as synchronised development of trade infrastructure on the two sides, a press note issued by the Indian Embassy in Kathmandu reads, adding that 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.
Indian commerce secretary Anup Wadhawan was accompanied by the Indian ambassador to Nepal Vinay Mohan Kwatra and a 15 member delegation drawn from various ministries and the Indian Embassy in Kathmandu, while his counterpart commerce and supplies secretary Dr Baikuntha Aryal was assisted by representatives of various ministries and departments.
The IGC is the apex bilateral mechanism for promotion of trade and investments between the two countries. “The meeting reviewed progress made on several notable agenda items in the sphere of trade and commerce,” the press note reads, adding that the Inter-Governmental Sub-Committee (IGSC) at the level of joint secretaries met on December 3-4 in the preparation for IGC meeting.
They also discussed on the bilateral dialogue were up-gradation of border customs, the establishment of Nepal-India joint commercial forum, Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicle Agreement (MVA) issues, quality and standards of trade goods of both the countries and problems facing trade affairs. Likewise, the both sides have acknowledged the role of infrastructure along the cross-country border in trade promotion.
India is the largest trade and investment partner of Nepal both in terms of Nepali imports and Nepali exports. In fact, India is the only trading partner of Nepal with whom Nepali exports have consistently increased in the last two to three years. 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.
No comments:
Post a Comment