Nepal, India bilateral talks emphasize mutual market access and investment strategies

KATHMANDU: The India-Nepal Inter-Governmental Sub-Committee (IGSC) on Trade, Transit, and Cooperation to Combat Unauthorised Trade convened in Kathmandu on January 12-13, 2024, for its latest session.

The Indian delegation, led by Shri Vipul Bansal, Joint Secretary, Ministry of Commerce, Government of India, engaged in comprehensive discussions with the Nepali delegation, headed by Mr. Ram Chandra Tiwari, Joint Secretary, Ministry of Industry, Commerce and Supplies, Government of Nepal.

Key topics of discussion included mutual market access for pharmaceuticals and Ayurvedic products, the need for an Intellectual Property Rights (IPR) regime in line with the provisions of the Paris Convention to encourage Foreign Direct Investment (FDI).

The agenda also covered the review of the Treaty of Transit and the Treaty of Trade, proposed amendments to existing agreements, strategies for enhancing investment, the harmonization of standards, and the synchronized development of trade infrastructure.

The meeting emphasized bilateral initiatives to strengthen seamless cross-border connectivity, including the construction of new Integrated Check Posts and railway links. Both delegations expressed a commitment to implementing these initiatives, aligning with the shared vision of prosperous bilateral trade.

India remains a principal trade and investment partner for Nepal, playing a significant role in Nepali imports and exports. The discussions held during this meeting are anticipated to further reinforce the economic and commercial linkages between the two nations.