IGC meet begins, India 'ready to review' trade treaty

REPUBLICA KATHMANDU, Dec 21: Indian Commerce Secretary S R Rao has said that India is ready to review the trade treaty of 1996 with Nepal in case of any complications pertaining to bilateral trade. Speaking at the inaugural session of Inter-Governmental Committee (ICG) meeting on Saturday, Rao said, “We will have no hesitation at all for a new agreement to make trade easier in the changed context of global trade and advent of new technology.” Addressing the inaugural session of secretarial-level talk, Rao also said that they are open to discuss the pending issues related to trade, transit and tariff issues. Rao was responding to Commerce Secretary Madhav Prasad Regmi, who had highlighted some concerns of Nepal regarding passage/transit of cargo carrying non-Nepalese origin goods via Kolkata to the third countries. He also raised the issues and concerns of movement of vehicle ´on-is-own-power´, counter veiling duty and Nepalese readymade garments and some other issues on non-tariff and para -tariff including quarantine, food testing, mutual reorganization of certification of lab are to be addressed. Officials involved in the talks said that they had deliberations on trade issues of almost all the agendas in the first day meeting on Saturday. Both the countries have reached close to an agreement for gradual reduction of customs on medicines. Regarding Nepal´s proposal to seek unhindered export of books and related materials to India, India is positive, according to an official involved in the negotiation. Both the countries have agreed to discuss transit issues during separate bilateral talks on railways scheduled to be held in June next year. India has said that Nepal can decide on its customs as per its convenience when it comes to agricultural products, besides allopathic and herbal medicines. Indian delegates have also proposed discussion on investment partnership issues in the ICG talks, which was traditionally limited only to trade issues. Nepal has also sought the facility to bring vehicles imported from the third country from Kolkata port by driving instead in containers as it would bring the shipment charge down. Likewise, Nepal´s demand also includes permission to return the third country goods via India. There were also discussions on permitting Nepal to use Bishakhapatnam port, opening Rohalpur-Singhabad railways for the third country import and export. However, minutes of the decisions of IJC will be signed tomorrow.
Published on 2013-12-22 05:22:41