 on Trade, Transit, and Cooperation to Combat Unauthorized Trade, held on January 12-13, 2024.){kind=link}
India-Nepal Inter-Governmental Sub-Committee (IGSC) on Trade, Transit, and Cooperation Advances Bilateral Ties
Kathmandu played host to the latest session of the India-Nepal Inter-Governmental Sub-Committee (IGSC) on Trade, Transit, and Cooperation to Combat Unauthorized Trade, held on January 12-13, 2024. This bilateral mechanism, dedicated to reinforcing trade and investment ties between the two nations, facilitated in-depth discussions on several pivotal issues.
The comprehensive dialogue covered mutual market access for pharmaceuticals and Ayurvedic products, with the Indian side emphasizing the imperative for an Intellectual Property Rights (IPR) regime aligned with the provisions of the Paris Convention to encourage Foreign Direct Investment (FDI). The agenda also encompassed the review of the Treaty of Transit and the Treaty of Trade, proposed amendments to existing agreements, strategies for enhancing investment, harmonization of standards, and the synchronized development of trade infrastructure.
A noteworthy aspect of this meeting was the emphasis on bilateral initiatives geared towards enhancing seamless cross-border connectivity between India and Nepal. This included discussions on the construction of new Integrated Check Posts and railway links, signifying a shared commitment to fortifying these initiatives. These endeavors aim to further solidify the vision of prosperous bilateral trade.
India retains its position as the principal trade and investment partner for Nepal, playing a substantial role in both Nepali imports and exports. The outcomes of this meeting are anticipated to reinforce the economic and commercial linkages between the two countries, reflecting a joint commitment to fostering a robust and mutually beneficial relationship.