India – Nepal IGSC meeting on Trade, Transit and Unauthorized Trade concludes

The India Nepal Inter Governmental Sub-committee (IGSC) on Trade, Transit and Cooperation on Combating Unauthorized Trade, which concluded in Kathmandu on January witnessed comprehensive discussion on a wide range of significant issues. During the two day meeting both the sides discussed mutual market access for pharmaceuticals and Ayurvedic products, according to an Indian Embassy press release issued on Sunday.

“During the meeting Indian side highlighted the need for IPR regime in accordance with the provisions of the Paris Convention for encouraging FDI,” reads the press release.

Shiv Vipul Bansal, Joint Secretary, Ministry of Commerce government of India led the Indian delegation while the Nepalese side was led by Ramchandra Tiwari, Joint Secretary, Ministry of Industry, Commerce and Supplies. “The agenda of the meeting of the IGSC, a bilateral mechanism aimed at bolstering trade and investment ties, also covered discussions on 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 synchronized development of trade infrastructure,” according to the Indian Embassy.

“One of the highlights of the meeting was the focus on bilateral initiatives aimed at further strengthening the seamless cross border connectivity between India and Nepal including through construction of new integrated check post and railway links.”

“During the meeting both the sides expressed a commitment to implementing these initiatives, reflecting the shared vision of prosperous bilateral trade,” it added.

“The discussions in the meeting are expected to further fortify the economic and commercial linkages between the two countries,” noted the press release.