This was agreed during the visit of Nepal's Foreign Minister Madhav Prasad Ghimire to India which concluded Thursday.
In February 1991, during the Nepal visit of the then Indian prime minister Chandra Shekhar, both sides agreed to form a high-level task force for preparing a programme of cooperation under the Nepal-India Joint Commission.
Since its first meeting in New Delhi following its inception, the commission, headed by the respective foreign ministers of the two countries, has not met.
In a meeting between Nepal's Foreign Minister Madhav Prasad Ghimire and his Indian counterpart Salman Khurshid, both sides reviewed the overall state of bilateral relations.
In a joint statement, the two countries underlined the need for effective and timely implementation of all agreements and understandings on different areas of cooperation.
The two countries agreed to hold the joint commission meet at the earliest and on a regular basis.
They stressed on the need for further enhancing the bilateral trade and investment to promote mutually beneficial economic growth and sustainable development.
During the meeting, they also discussed on Indian investment in productive sectors in Nepal, including the hydro-power sector.
The two sides agreed that the frequent exchange of high-level visits between the neighbours would help further cement bilateral ties.
Both sides stressed the need for finding solutions to address Nepal's widening trade deficit with India.
Ghimire called on the Prime Minister Manmohan Singh, who congratulated Nepal on the successful conclusion of the Constituent Assembly elections. Manmohan Singh said India stands ready to cooperate with Nepal in any manner as desired by the Nepali side.
Ghimire extended an invitation to the prime minister on behalf of Khil Raj Regmi, chairman of Nepal's council of ministers, to visit the country.
The statement said the dates of the visit would be worked out through diplomatic channels.
Ghimire also held meetings with Home Minister Sushilkumar Shinde, National Security Advisor Shivshankar Menon and Foreign Secretary Sujatha Singh.