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| Indo-Nepal trade treaty renewed |
|
Kathmandu, Mar 6 (PTI) A crucial
trade agreement between India and Nepal was today renewed for next five years.
"The Indo-Nepal Trade Treaty, which was to expire yesterday, has been renewed as
it is," said Nepalese Commerce Secretary Bharat Bahadur Thapa.
The decision to extend the pact was taken at a high-level meeting of the
Commerce Ministry officials of the two countries on February 23.
All concerned bodies have been issued with the renewal notification, Thapa said.
With this, Nepali manufactured goods, barring three items in the negative list
and five items with quantitative restrictions, would continue to enjoy unlimited
duty-free market access in India without Nepal requiring to reciprocate with the
facility, he said.
Under the treaty, the agricultural exports would also enjoy duty-free market
access in India, but with a provision of reciprocity, which means Indian farm
products would also continue to enjoy duty free market access in Nepal.
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