India, Nepal hold talks to modify bilateral trade treaty

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New Delhi, Oct 21 (UNI) Senior officials of India and Nepal today held talks to modify and revise the trade treaty between the two neighbouring countries as a follow-up to Nepalese Prime Minister Prachanda's visit to the country last month.

''Both sides made considerable progress on the modification and revision of the India-Nepal Treaty of Trade so as to make it a more effective instrument of bilateral trade between the two countries,'' Commerce and Industry Ministry said in a statement after delegation-level talks here.

Indian delegation was led by Commerce Secretary Gopal K Pillai and Nepal Ministry of Commerce and Supplies Secretary Purushottam Ojha led his side.

The two sides will again meet at Joint Secretary level within three months to finalise the modifications, the statement added.

Reiterating India's commitment to continue to provide preferential access to Nepalese goods and products to the Indian market, Mr Pillai said India has agreed to exempt Nepal from export restrictions of up to 10,000 tonnes of wheat and 15,000 tonnes of non-basmati rice.

Both sides agreed to conclude Bilateral Investment Promotion and Protection Agreement, Motor Vehicles Agreement and revised Double Taxation Avoidance Agreement at an early date.

India agreed to help upgrade Nepalese labs so that they can conform to Indian standards and certification requirements in respect to major products of their export interest.

The two-day meeting on India-Nepal Inter Governmental Committee on Trade, Transit and Cooperation to Control Unauthorised Trade concluded today.

Mr Ojha also called on Minister of State for Commerce Jairam Ramesh, the statement said.

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