India-Nepal review development of bilateral economic agenda, discuss expansion in ties

In a virtual meeting, India and Nepal reviewed the progress in terms of bilateral economic agenda and discussed ways to enhance cross-border trade and investment among several other things. Co-chaired by Commerce Secretaries of India and Nepal, the meeting of the Inter-Governmental Committee (IGC) on Trade, Transit and Cooperation to Control Unauthorised Trade was held via video conference on Monday. During the meeting, it was noted that the movement of trade, as well as commercial cargo in trucks across the land border of India and Nepal remained smooth and unimpeded despite the COVID-19 pandemic. Following the border row between the countries earlier this year, during foreign secretary Harsh Vardhan Shringla's visit to Kathmandu in November aimed at normalising the bilateral ties, Nepal had hinted a desire to review matters including trade and transit arrangements. 

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"Expansion of India-Nepal ties"

Ambassador of India to Nepal Vinay Mohan Kwatra joined India's Commerce Secretary Anup Wadhawan and Nepal's Commerce and Supplies Secretary Baikuntha Aryal for the meeting. Wadhawan was accompanied by a 15 member delegation for various Ministries as well as officials from Kathmandu's Indian Embassy and Aryal was assisted by officials from various Ministries and Departments of Nepal government. The officials of the two countries discussed the development in terms of trade, commerce as well a detailed discussion to review the Treaty of Transit and the Treaty of Trade, Rail Services Agreements amendments, investment promotion measures, forming the Joint Business Forum, harmonisation of standards and synchronised development of trade infrastructure, along with several other things. India and Nepal also discussed several government level initiatives that need to be taken ahead to further enhance trade and commercial linkage as per the official statement. 

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"India remains 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 and the progress made in the meeting are expected to further support the expansion in economic and commercial ties between India and Nepal," reads the statement. 

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This meeting took place just ahead of Nepal Foreign Minister Pradeep Gyawali's possible visit to New Delhi in mid-December. This visit is aimed are normalising the bilateral ties and exchanges between India and Nepal while hit rock bottom due to the border dispute as well as COVID-19 pandemic. The relations between the two countries turned bitter when Kathmandu put out a new map in May which claimed that the Indian territories in the Kalapani area were located in Nepal, which was rejected by India. Later both countries agreed to handle the border row with the help of the existing mechanism. 

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(With inputs from ANI & PTI)