India, Nepal agree to increase bilateral trade

The Dollar Business Bureau

India and Nepal on Thursday agreed to address and resolve bottlenecks to bolster bilateral trade and boost investments between the two neighbours.

Earlier this week, a two-day meeting between the two nations’ Inter -Governmental Committee on Trade, Transit and Cooperation was held in New Delhi to discuss bottlenecks and keep a check on unauthorised trade. They also discussed new issues related to infrastructure, investments, trade and transit.

Commerce Secretary Rita Teaotia led the Indian delegation, while Naindra Prasad Upadhaya led the Nepalese delegation.

“The committee reviewed the status of bilateral trade between the two countries…and agreed to resolve bottlenecks to bolster bilateral trade,” the Commerce Ministry said in a statement.

The two sides also agreed to work out all the necessary modalities to constitute a India-Nepal Joint Business Forum to enhance the scope of the committee to address wider economic cooperation.

Bilateral trade between India and Nepal stood at $4.27 billion in 2015-16, falling from $5.19 billion in the previous fiscal. 

The Committee also discussed the present level of bilateral trade between the two nations, while also reviewing progress on the existing issues. They expressed satisfaction on the substantial progress made on the key bilateral trade issues.

The next meeting will be held in Nepal.